FX comment: SNB before ECB
The Swiss National Bank continues to rewrite the central bank rulebook.
Having maintained a 1.4320/25 bid in EUR/CHF since the beginning of April, the SNB apparently decided yesterday at 10.30BST that such action was no longer appropriate.
I’m sure this had no connection with the ECB press conference later in the day. But some, more cynical, contacts inferred that the Trichet show would not be EUR positive. And funnily enough, it wasn’t.