Y/Y rate revised down from previous +1.7%.

FRANKFURT (MNI) – The following is the text of a press release issued by the European Central Bank on Tuesday noting the Swiss National Bank’s decision to no longer tolerate a Swiss franc forex rate below E1.20. “STATEMENT OF THE GOVERNING COUNCIL OF THE ECB ON THE DECISION OF THE SWISS NATIONAL BANK The Governing [...]

SNB took decision “under its own responsibility” Can’t see why ECB should be bothered by SNB action.  In fact helps lend euro some much needed support at a time when it was beginning to look very vulnerable. Just got alot harder for EUR/USD to break out of it’s range.

Crazy markets call for crazy moves. The spike  following the SNB peg introduction fell short of the 55 day MA at 1.6222, but made mince meat of the 200 day., only to fall straight back below it. EUR/GBP took over the move but tripped at the 100 day MA .  A  zone of  0.8810, 0. 8816 and 0.8821 [...]

The SNB driven rally peaked at 1.0627 which is the 55 day MA and prompted some rapid profit taking back to  the break up level around 1.0560., which should act as some near term support. Above  1.0627 lies the 50 day average at 1.0638 and the 100 at 1.0653, Ozzie’s at 1.0575  

Let the SNB’s defence of 1.2000 on EUR/CHF begin…….. Here’s the SNB statement

Leaps higher following the SNB action with a high of 77. 35 with trader’s now very wary of some action from the BOJ/MOF following the swiss authority move. Stops were taken out through 77.30 to the high, but the rate’s easing back again towards 77.05. More offers are seen up around 77.50/55 with  large stops through 77.70. [...]

The SNB announcement of a peg to the euro for the swiss franc has whacked the Gold price down another 30 bucks from  $1890  to around 1859.50. This after  an earlier rally to  $1921 set a new all time high as the safe haven call is rapidly  being defused Gold ‘s now around 1884

EUR/CHF spikes higher. Will enforce this minimum rate with the utmost determination and is prepared to buy foreign currency in unlimited quantities If the economic outlook and deflationary risks so require, the SNB will take further measures Massive overvaluation of the swiss franc poses acute threat to the swiss economy and carries risk of deflation Well [...]

This was doing the rounds yesterday. Talk of decent interest to buy short-dated 1.1400 calls (said to be for wednesday) The cross continues to rally, the market covering shorts ahead of tomorrow and possible action by the SNB.  We’re up at 1.1250 having been as high as 1.1276.

PARIS (MNI) – European governments must not delay the application of the July 21 plan to counter the sovereign debt crisis, French Finance Minister Francois Baroin said Tuesday, urging Athens to do its part by pursuing fiscal consolidation. “We must accelerate the time-table” for ratification of the accord for the Eurozone rescue fund, Baroin said [...]

Above 1.4100. We’re at 1.4095.

We’re back above 1.4100, presently at 1.4103.  Talk of more buy stops through 1.4120. As I mentioned in reader comments; around same time I was being told of Middle East sovereign buying, was also told US investment bank who had been selling over past 24 hours was now busy telling clients to cover their shorts [...]

Weaker than median forecasts of  -0.1%, +0.4% respectively.

Up from 182.078 bln at end of July. SNB has said changes in its holdings would rise as a result of the slew of easing measures it started on August 3.

Buy stops aforementioned through 1.4075 have been tripped and we’re up at 1.4090. Middle Eastern sovereign buying notable in recent trade. European stocks opening kinda flat, better than had looked likely earlier. FTSE down -0.2%, DAX up +0.1%, CAC 4o flat Strong rally in the EUR/CHF cross is lending EUR/USD support. Last time I commented on [...]

Oh my.

French banks are sound Must speed up adoption of Greece rescue plan Confident Greek govt will implement plan Not planning privatisations of state owned companies Boy, does that guy look like my cousin David or what.  It’s real spooky.

In EUR/USD apparently. I wouldn’t put my buy stops there, but what do I know? We’re at 1.4065. I’m just being told a US investment bank (you know the one) has been huge seller of EUR/USD in past 24 hours. Talk of around one and a half yards of dollars having been sold.  Guess we now know [...]

Presently at 1.4048, the 1.4050 barrier interest resigned to the annuls of history.  Risk remains off. Just look at those oil prices, NYM light crude off over 3 full bucks!!! Decent barrier interest now lies down at the psychological 1.4000 level. You gotta think we’ll see a more robust defence of said interest than we’ve [...]