EUR staying well bid against the CHF and the JPY
I’m not sure how far EUR/CHF can go whilst we are having this panic move out of stale safe-haven trades. It’s always the way in the markets, it takes a few years to build up these positions and then everyone tries to get out of a very narrow door. EUR/JPY has already done a lot of work from below 100 and I wouldn’t expect much further ‘panic buying’ there but who knows with EUR/CHF, it could be 1.35+ before it really stops? If you hear mention of a Dutch Prime Broker on the offer, then that probably means that the SNB is selling some of the squillions it bought at 1.20. It also bought squillions at 1.50+ so the average will be above 1.30.
Have a great weekend and I’ll catch you on Monday morning.