{"id":285974,"date":"2010-02-06T00:13:00","date_gmt":"2010-02-06T05:13:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/swiss-central-bank-mysteriously-intervenes-in-its-currency-causing-market-chaos-2010-2"},"modified":"2010-02-06T00:13:00","modified_gmt":"2010-02-06T05:13:00","slug":"swiss-central-bank-mysteriously-intervenes-in-its-currency-market-causing-chaos","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/285974","title":{"rendered":"Swiss Central Bank Mysteriously Intervenes In Its Currency Market, Causing Chaos"},"content":{"rendered":"<p>The Swiss Central Bank stepped in to defend its Swiss Franc (CHF) overnight in Asia. The move rocked the EUR\/CHF as shown below.<\/p>\n<p style=\"padding-left: 30px;\"><a href=\"http:\/\/ftalphaville.ft.com\/blog\/2010\/02\/05\/142601\/swiss-intervention-in-asia-overnight\/\">Alphaville:<\/a> An FX trading source tells FT Alphaville, the SNB was seen stepping in on the EBS platform &mdash; one of the two main FX interbank trading places &mdash; with bids of 1.4905. The market was trading at 1.47.<\/p>\n<p style=\"padding-left: 30px;\">The move caused chaos because the SNB does not usually intervene in the Asian market, and many trading counterparties are simply not permitted to trade outside of local limits.<\/p>\n<p style=\"padding-left: 30px;\"><img decoding=\"async\" src=\"http:\/\/static.businessinsider.com\/image\/4b6cf7eb00000000006c8976-550-\/chart.jpg\" border=\"0\" alt=\"Chart\" width=\"550\" \/><\/p>\n<p>Traders are reportedly pissed as it obviously ruined a lot of people given the suddenness and sharpness of the currency move shown above. A Chief Dealer at Citi thinks the Swiss central bank may have overbid by accident.<\/p>\n<p>Yet the bigger question to us is simply &#8212; Is Switzerland threatened by a weaker Euro? Is there a Swiss angle to any potential euro currency crisis which we should be aware of?<\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/swiss-central-bank-mysteriously-intervenes-in-its-currency-causing-market-chaos-2010-2#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><b>See Also:<\/b><\/p>\n<ul>\n<li><a href=\"http:\/\/www.businessinsider.com\/swiss-ubs-at-risk-of-collapse-2010-2\">Swiss Minister: UBS At Risk Of Collapse If America Plays Hardball With Tax Evasion Case<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/uh-oh-swiss-court-throws-wrench-into-ubs-settlement-2010-1\">Uh Oh! Swiss Court Throws Wrench Into UBS Tax Fraud Settlement <\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/swiss-regulators-to-banks-triple-your-cash-2009-12\">Swiss Regulators To Banks: Triple Your Cash Holdings<\/a><\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/TheMoneyGame\/~4\/nErYYL9e5GI\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Swiss Central Bank stepped in to defend its Swiss Franc (CHF) overnight in Asia. The move rocked the EUR\/CHF as shown below. Alphaville: An FX trading source tells FT Alphaville, the SNB was seen stepping in on the EBS platform &mdash; one of the two main FX interbank trading places &mdash; with bids of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-285974","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/285974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=285974"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/285974\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=285974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=285974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=285974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}