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Jun 21 - 05:55 AM

EUR/USD - Stasis May Be Result Of SNB's Continuing Intervention

By Jeremy Boulton  —  Jun 21 - 04:00 AM
  • Since SNB hiked/drops reference highly valued franc EUR/CHF quite stable

  • EUR/CHF which was elevated ahead event with traders short hasn't fallen far

  • 1.0222-1.0512 before hike, to 1.0098 after

  • When changing policy SNB said may remain active in FX market and likely is

  • EUR/CHF effectively stable between 1.0150-1.0200 since the shock

  • Intervention underpins EUR, rebalancing subsequently weighs

  • This has a top and tailing influence for EUR/USD

  • EUR/USD was boosted after SNB changes then weighed, now underpinned again

  • EUR/USD should fall when SNB steps back nL1N2Y809M

EURCHF vs EURUSD Click here

Refinitiv IFR Research/Market Commentary


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