Intraday Market Thoughts

Archived IMT (2010.05.19)

by Ashraf Laidi
May 19, 2010 17:27

FEAR OF ECB INTERVENTION PULLING FX traders away from selling EUR and GBP, and forcing them to knock down commodity currencies (AUD, CAD & NZD).

The massive 200-pip jump in EURCHF in less than 10 minutes (13:00-13:10 BST) followed by an additional 100-pip move is the work of no other than the Swiss National Bank intervening to sell its own currency. But the 80-90 pip jump in EURUSD followed by further gains could be the work of European banks intervening on behalf of the ECB to boost the ailing euro. WATCH ASHRAFs APPEARANCE ON CNBC


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