The EUR/CHF is hovering around the 1,20 level, which the SNB has promised to defend with "utmost determination". Clearly, every market participant is now buying the heck out of the euro at this level, with market talk of a 9 BILLION buy order going through the books: Show us what you got! Let's see if this will be a good chance to receive some risk-free profit & wealth transfer from our beloved policy-makers, who afterwards will blame the "evil speculators" for their losses..
And now we play the waiting game...
"SNB: Will continue to defend FX floor with 'utmost determination' - Prepared to buy FX in 'unlimited quantities'" "EURO-SWISS: Traders report Chf1.2000 seen with a bid of E9bln on the platform."
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