RANsquawk European Morning Briefing - Stocks, Bonds, FX etc. – 03/08/11

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Pretorian's picture

Swiss SNB intervention in FX market this morning. 300 pips in few hours eur/chf. Swiss bank is floading market with CHF to libor. If Trichet joins the party in supporting the Euro than Goldman Sach and his cousins will have to start covering their SHORT on CHF and by midnight margin call if Ben doesnt not support theh. I think ECB got the tips how  to kill the wolfs.

Byte Me's picture

Dream on.

..But your heart is in the right Hilbert space.

OnTheWaterfront's picture

I can't wait to get another one of those DOW 12,000 hats!

Ghordius's picture

Italy is clearly preparing for the September Fight - Straight Bonds against CDS. If the French Banks don't panic I think the Tesoro might win. Will be bloody.

Switzerland is slightly worried - the Gov has promised to "do something". The SNB has done little since their last big intervention, I think they want to build up a street cred of being willing to do nothing for months and then WHAM, kill the "speculator". I really don't like this CHF Libor ZIRP, but hey, they are fed up with the carry trade.

I agree with Pretorian, if this move is coordinated with the ECB then it could ruin quite a lot of Casino Bankster Bets. I cannot understand how greedy someone must be to try to short the CHF - the SNB is small, so what? Deadly spiders are small too...

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