Interesting article.
http://www.dowjones.com/products/djf...apBreaches.asp
So that's mean what happened on Thursday can happen again.
They are not that dumb honey! not anymore.
.
http://www.dowjones.com/products/djf...apBreaches.asp
QuoteDislikedIn a familiar refrain, Jordan said the central bank's commitment to prevent the euro from falling under CHF1.20--a policy it has held since September--remains unshakeable, telling reporters that "isolated" doubts over this commitment are "misplaced" as the country battles with export-denting currency strength.
But the central bank has no plans to plug the gaps in its credit lines that played a key role in allowing a slide to CHF1.1990 on dealing system EBS last Thursday.
"We cannot control the franc market completely," Jordan said. "Such...
QuoteDislikedJordan gave no indication that gaps in credit lines will now be filled, pointing out that the SNB already monitors the currency markets during all its opening hours, and accepts more than 100 banks with upwards of 700 trading desks as counterparties.
So that's mean what happened on Thursday can happen again.
QuoteDisliked"We have not been impressed by the recent ceiling management," JP Morgan Private Bank's chief currency strategist, Audrey Childe-Freeman, wrote in a note to clients Tuesday, before the SNB's fresh comments. Intervening from time to time around the CHF1.2050-to-CHF1.2175 range would keep market participants "on guard" and bolster the SNB's position, she added.
They are not that dumb honey! not anymore.
.