FX update: Swissy sinks post SNB decision
First Published Thursday, 9 July 2009 from Need to Know News
CHF fell after the SNB decision. It left rates on hold and will continue to buy CHF corporate bonds and act determinedly to prevent an appreciation of CHF versus the EUR.
The cross jumped up to 1.5127 versus 1.5061 ahead of the release, but offers have quickly force the cross back in to the 1.5080 area. Outstanding option positions at 1.5000 have been the focus in early trade, with a "double-no-touch" position rolling off next Wednesday at 1.5000-1.5250.
Aside from the immediate volatility over the announcement there has been little change for the CHF. The intra-day market may be tempted to test stop loss interest below 1.5040.
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