Just reading Macro Man and I see why that Eur/Chf n Usd/Chf were so nutty over night...
¨The magnitude of the moves in EUR/CHF, meanwhile, pale in comparison. But with a central bank as erratic as the SNB pulling the levers, trading EUR/CHF is a bit like swimming with Jaws. First they defend 1.51 for 9 months....before pulling the bid and seeing the cross trade down below 1.47. While they've hit the market a few times since, their behaviour this morning was not suitable for young viewers. In a market trading 1.47, they put a 1.4905 bid into EBS; panic predictably ensued, stops were run....and here we are trading back below 1.4700 again. Someone in Zurich must love the smell of napalm in the morning....¨
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