There was talk in London this morning in London that the Swiss National Bank’s Dutch prime broker was a large seller of Aussie this morning, after the weak HSBC Chinese PMI overnight.
If that’s the case, it looks like the SNB isn’t so much diversifying reserves as fostering the appearance of diversifying reserves.Much of the recent slide in EUR/AUD has been attributed to the SNB parking a chunk of their huge cash hoard down under. Either that, or its an unrelated customer selling, in which case, never mind.