Everybody is looking at EURO forgetting about the sh.tty situation in the UK. Banks are taking a beating all around. Be prepared for another layer of layoffs in the British capital. The Financial Times is doing a good job so far to divert the British public from reality. When it kicks in - and I hope Mervy King stays as incompetent as he is - some brutal bleeding in the UK financial industry will commence. There is a reason why "smart" banksters are leaving for Asia...
EUR/CHF rises in 1 minute over 800 pips. Swiss CPI -0.3% vs. -0.1% forecast. Good to be long this pair.
What happened? Anyone Know? http://finviz.com/fx_image.ashx?usdchf_h1_l.png&rev=634508800041562500 http://finviz.com/fut_chart.ashx?t=ES&cot=138741,13874A&p=m5 http://finviz.com/fx_image.ashx?eurusd_m5_l.png&rev=634508801080312500
It hit the wires (reuters bloomberg terminals) when sep eur/usd future was at 14119 SNB Setting Minimum Franc Exchange Rate at 1.20 Per Euro (2) 2011-09-06 08:17:53.555 GMT (Updates with franc from fourth paragraph.) By Simone Meier Sept. 6 (Bloomberg) -- The Swiss central bank said it's setting a minimum franc exchange against the euro and will defend the target with the "utmost determination" if needed. The Swiss National Bank is "aiming for a substantial and sustained weakening of the franc," the Zurich-based bank said in an e-mailed statement today. "With immediate effect, it will no longer tolerate a euro-franc exchange rate below the minimum rate of 1.20 francs" and "is prepared to buy foreign currency in unlimited quantities." The franc has surged to records against the euro and the dollar, hurting exports and eroding economic growth. While the SNB last month boosted liquidity to the money market and lowered borrowing costs to zero, concern about the euro region's worsening debt crisis pushed the currency higher. The franc weakened as much 8.7 percent against the euro after the announcement, trading at 1.2150 at 10:16 a.m. in Zurich. Versus the dollar, it was at 85.54 centimes. For Related News and Information: Top Stories: TOP<GO> --Editor: Paul Verschuur