That the Swiss National Bank has been a “modest” buyer of AUD in recent months as it tries to diversify its massive hoard of euros acquired to maintain its 1.20 peg in EUR/CHF.

If anyone would like to buy the peg a card, it celebrates its birthday on September 6.

Given the SNB’s long EUR position, it would not surprise me in the least if we hear report of selling from them at present levels, taking advantage of the rally.