SNB sets franc floor at CHF1.20 versus euro.

Discussion in 'Wall St. News' started by ASusilovic, Sep 6, 2011.

  1. I see 1200 million BID at 1.2149/1.2161...Ouch. Somebody is getting screwed big time...ay, ay, ay...
     
  2. the game is rigged.
    i'm sure some people new about this decision and made tens of millions of euros in 1 hour.

    fuck, central banks should be taken out of this planet
     
  3. gmst

    gmst

    DT-waw, seems from your words that you got caught wrong side.

    Personally, i lost 5% of my account - i had no position on swisse. This loss came from pure euro position and when i was able to cut it quickly at 1.415 - not knowing why the hell it started to move up so fast....so decided to cut loss.

    ASusolvic - where did you see 1.2 bn bid ? which platform did you see that kind of bid ??? Wow!!
     
  4. this move is pre empting a greek default.

    i think its fairly obvious now.

    the swiss have just made one less safe haven to park your money up in.

    bi bi trichet
     
  5. i was building large position on EURUSD as it moved down.
    got stopped out of 70% of my shorts.
    not a disaster, but i wish snb will lose awful amount of money on this operation
     
  6. gmst

    gmst

    hehe - i know man it hurts so much. These are the scenarios for which we need disaster stops.

    What do you think about Euro now ? Will you again short Euro at this level ? Secondly, what this means for E/CHF ? How will SNB make sure that it never falls below 1.20 ? Does it mean that SNB will be willing to buy 100's of billions of Euro at 1.20 ?
     
  7. gmst

    gmst

    Swiss National Bank Sets Minimum Exchange Rate of 1.20 Against the Euro

    From bloomberg.com


    The Swiss central bank said it’s setting a minimum franc exchange rate of 1.20 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. The SNB will enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities.”
     
  8. moarla

    moarla

    as waht i remember, every intervention from central banks have failled in history....
    we will see
     
  9. Wow....stuff you only read about in books.
     
    #10     Sep 6, 2011