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Oct 20 - 05:55 AM

EUR/USD - REFILE-BUZZ-EUR/USD Rise May Herald The Beginning Of SNB Intervention

By Jeremy Boulton  —  Oct 20 - 05:00 AM

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  • EUR/USD rises 1.0565-95 EBS - rising when expected to fall

  • Current risk aversion logically favours USD over euro - both deemed safe

  • On Friday EUR/CHF drops to lowest level since 2015 at 0.9419 nL1N3BQ0GU

  • If SNB intervenes it will likely underpin EUR/USD too

  • EUR/CHF market lacks depth - to intervene effectively SNB may utilise legs

  • Legs of this cross are EUR/USD and USD/CHF - SNB buying both simultaneously

  • When intervention rebalanced SNB would sell EUR/USD - 37% reserve is USD

  • SNB intervention top and tails EUR/USD suppressing volatility

  • The stability of emerging currencies should impress traders nL1N3BQ0P8

Refinitiv IFR Research/Market Commentary


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