The confusion over the Usd/Chf order continues to reign with some people attaching the interest to a large investor having to sell Usd and buy Chf to pay for the UBS share tender, while others, our good friend macro man included have their doubts. A barrier option getting triggered at 1.0550 probably accentuated matters. What is done is done, worth watching now is the usual month end fixings, which are supposedly broadly USd negative and positive in GBP,CAD and AUD. The question obviously is whether these interests have been front run already.