Swiss's big move

[traderjb]

Did anyone else see or hopefully take advantage of that big move in the Swiss Franc around 2:30 am CST? European open I get, and in the past have seen moves, but wow this one was something! I was on the CHF/JPY and that thing just exploded. Was there any econ news from Switzerland today or something?

 

[moarla]

intervention maby? snb

 

[traderjb]

It was the SNB. They didn't say anything about the Franc on some call they did.

 

[Peter35]

The Swiss National Bank softened its stance on its commitment to intervene to hamper a Swiss franc appreciation

 

[Martinghoul]

It was the qtrly SNB meeting. The were quite a bit more upbeat about the Swiss economy than expected. Specifically, they stated that they're no longer as worried about the possibility of deflation, which had always been their main motivation for intervention.