Archived IMT (2009.06.18)

Rising equities extend franc weakness from its highs of the session, but it was the SNBs intervention that led us to issue a disclaimer on our short GBPCHF (see UPDATED HOTCHART). Recall, the franc was already strengthening when the SNB said it was satisfied with its past efforts to stabilize (weaken) franc strength, but shortly thereafter, it was forced to sell francs (possibly with the help of the ECB) which led weighed boosted all CHF crosses. USDJPY struggles surpasses interim resistance of 96.30 but likely to encounter pressure at previous support of 96.90. NOTE that USD strength is emerging DESPITE STOCKS RALLY as 10-year YIELDS REGAIN 3.8%.