Preview of the Swiss National Bank meeting today from Societe Generale, Nomura, Credit Suisse, and Credit Agricole
Via eFX
They’re
luck’s in. With EUR/USD above 1.10 there is no pressure to the downside
in EUR/CHF. In January the market was (very) short CHF and building a
short EUR position that wasn’t yet very big. That was a recipe for
pressure on the floor to build and at the same time, for a huge move
once the floor was broken. Now, the market is more balanced, and Euro
shorts are being reduced, not built.