Swiss National Bank "smoothing" this week has limited euro losses
The SNB gave us big clues about the ECB's dovish stance this week by stepping in to buy EUR/sell CHF on two consecutive days
I reported yesterday's sharp move higher here prior to Draghi & Co lighting the fuse and suggested they knew what was coming
Even though EURCHF has fallen to 1.0781 since the ECB presser it would have been a lot lower if it hadn't had the leg-up to 1.0900 prior
And the SNB's apparent long USDCHF possie isn't looking too shabby either
Currently 0.9723 and 1.0811
SNB's Jordan - Hey Mario, thanks for the heads up but we can't be having this euro weakening much further
