The NY session saw plenty of action and the USD was the main beneficiary. Early on the story was the SNB as the bank intervened and took EUR/CHF from around 1.5015 to 1.5285 in a heartbeat. They would return shortly after the London close, taking the cross from about 1.5200 towards the 1.5380 highs. The moves in USD/CHF were even more impressive as the pair shot up from 1.0635 to 1.0908 in the first intervention tranche and jumped from 1.0850 to 1.1020 in the second go-around. The intervention saw more USD buying and this helped keep EUR/USD under pressure for the better part of the session. Full text »
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