London had left the cross around 1.4650 and CHF strength continued to 1.4560. Bids came in, not illogically assumed to be the Swiss National Bank (SNB), driving it back above 1.4700. A typical intervention on the EBS platform, you’d think. And then suddenly it was bid 1.4905…
I’m hearing that this was also the work of the SNB, which, if true, makes it one of the most stunningly inept instances of intervention the market has seen.
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