Notes From Underground: 11:22 CST-the Swiss National Bank intervenes on the EUR/CHF crossrate

The stress in the European Union has made the Swiss Franc a haven, the SNB said not so fast. With the EUR/CHF trading at its lowest level since March of 2009, the SNB said we will not let EURO weakness bleed into making Switzerland the recipient of the angst that is developing in the financial system.

So far the effects have been short-lived as the cross is well off its high. But this being the end of the month and liquidity somewhat shallow, we would not be surprised to see the SNB make another run. The Swiss are letting it be known that they are unhappy with the present policy of benign neglect on the Greek debt problem. We will be watchful as the market will test the SWISS RESOLVE! Let the games begin.


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