Last week SNB announced the
FX reserves as well as CPI data. Reserves
have been slightly reduced indicating that SNB has not made any dramatically
intervention. CPI data were also
indicating that Swiss economy is in a bad shape and the country is facing
deflation.
The pair behaved as it
should rise slightly amid expectations that time for the SNB to intervene
drastically. Also Jordan (SNB) gave two interviews during the week indicating
that SNB is active 24/7 in the markets and will not allow peg to be tested. In
addition he said that they have additional measures to intervene and weaken the
Swiss currency if is needed. This makes me think that they may announce at some
point negative real rates!
So far I am convinced that
SNB is on top of the situation and my trade is not in danger. However, they
will face the ultimate test this week with all these things that happens in Greece.
Overall, I stick with my
initial trade and make no other changes for this position
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