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Is The Swiss Franc Tumbling Due To Month-End SNB Window-Dressing?
Facing what is likely the largest loss in its history, it would seem The Swiss National Bank has undertaken what every good asset manager does nowadays - Month-End window-dressing. The Swiss Franc has collapsed in the last week or so (against the Dollar and Euro) as a mysteriously active seller of Swissy has managed levels up to smooth out the collapse in value of the SNB's balance sheet...
If only you had a little morer margin to hang on to that Swiss Franc short...
These are biggest drops since the Euro-peg was installed in 2011...
Charts: Bloomberg
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new normal bitchez
bitchez...
I can almost hear the Polish mortgage holders cheering from here.
But since they already headed down the bailout road, why not just keep going anyway? Free mortgage pay-offs for everyone!
See.... nobody listens to me anymore.
I told them to print all them Swissy to buy Apple and had they done that they'd of had a big profit instead of a big loss.
huuumph
Don't you know that loose lips sink ships? How dare you threaten the safety of the brave wen and women serving in the Swiss Navy !
The SNB were probably the A-holes that spiked the DXY .75% about an hour ago. Everything sold off except the euro, so I'm sure they were on that bid as well.
I closed my bond futures positions over last few weeks, the swissy scared the crap out of me. Sitting on GBP till I work out what to do. Got enough gold relative to my wealth.
By pure luck i closed swissy a few weeks before SNB.
GBP is really oversold, and the macro has been decent over the last couple of weeks. It's just EOM flows. I fully expect a bounce in Cable next week.
Isnt weaker CHF still in interest of Swiss economy? Now they have free hands to manipulate it from the shadows..
What am I missing?
You are correct. They can sell all their euro stockpile for dollars, which in turn they can sell CHF against.
Yes, they passthrough EUROs directley into $ and £. and than the otherway round. SNB is a huge CTA hedgefund now with a plus (called printing press) Free from B.Bernanke
Good comment. You're right.
Sounds like Jon Corzine Incorporated.
With commodities collapsing (again) why am I a buyer of Swiss francs?
Why not Russian rubles?
Again...I've never traded currencies before so this is all new to me.
The euro looks totally worthless to me. How can they compete against Russia again?
i think i read it somewhere in a forum:
1 CHF = 1 EUR = 1 USD ?=? 1 CNY
That sounds like some shit that Stopler woulda put out as his #1 recommendation of the Century.
Just one (billion) more for the road ...
So the Swiss Franc, Gold and Silver all get hammered ??
Yep! So it must be Thursday.
Whole market is an manipulated POS. Just like the rally in the Russel the past two hours.
Looks like a dead cat bounce. Oh no, that cat's just resting.
As an equity guy learning debt my first thought still is "liquidity."
Well...where is my liquidity in trading Swiss francs?
Dollars, Pound, Rubles..those make sense. Singapore has devalued.
That strikes me as a problem for "Switzerland."
My impression is that they've been active almost every day this week. Although there were some cross currents before and after the Fed meeting. Intervention before the impact of the ECB's QE tidal wave seems like a questionable tactic so they may be trying to window dress the damage.