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May 14 - 03:48 AM

EUR/USD - Huge SNB Intervention Traps EUR/USD, Ultimately It Weighs

By Jeremy Boulton  —  May 13 - 03:50 AM
  • Huge SNB intervention has penned EUR/USD into tight ranges

  • Size of intervention has soared. EUR/USD becalmed since

  • EUR/CHF buying supporting euro broadly, rebalancing then weighs EUR/USD

  • Effectively SNB is topping and tailing EUR/USD nL1N2CU0VI

  • Long-term both pairs following similar downtrend's

  • SNB rebalancing part of overall intervention flows weighing EUR/USD

  • Emerging market CBs adding much more weight due to big 2020 interventions



EUR/USD and sight deposits Click here

EUR/USD and EURCHF Click here

Source:
Refinitiv IFR Research/Market Commentary

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