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SNB lowers interest rate to -0.75%

  • 15-01-2015 10:30am
    #1
    dasdog
    Registered Users, Registered Users 2 Posts: 3,788 ✭✭✭


    Anybody FX trading may want to check open positions.

    Massive swings on major currencies on the news. EUR took a hammering.

    Press conference at 12:15pm GMT.


Comments

  • #2
    ixus
    Registered Users, Registered Users 2 Posts: 2,435 ✭✭✭ixus


    The 1.20 floor was removed. Biggest buyers of euro pulled from market. Small CB got out of big CB's way. Hints at larger than expected QE.

    SNB will sell all the euro bonds they purchased back to ECB.

    IG whacked for €30 mln. Will be larger casualties.

    If you were watching the price action since they went negative, you could feel the level getting ready for a testing. Who knew SNB would pull the rug. Especially after last months statement.


  • #3
    dasdog
    Registered Users, Registered Users 2 Posts: 3,788 ✭✭✭dasdog


    ixus wrote: »
    The 1.20 floor was removed. Biggest buyers of euro pulled from market. Small CB got out of big CB's way. Hints at larger than expected QE.

    SNB will sell all the euro bonds they purchased back to ECB.

    IG whacked for €30 mln. Will be larger casualties.

    If you were watching the price action since they went negative, you could feel the level getting ready for a testing. Who knew SNB would pull the rug. Especially after last months statement.

    I've been watching the Asian reaction since 10pm keeping my fingers and toes crossed as I've USD/JPY positions that took a pounding.

    The volatility was so insane a price correction was applied across trades placed:

    For executed fills that occurred between the times of 09:30:00 GMT to 09:41:30, a EURCHF price of 0.9625 will be applied
    For executed fills that occurred between the times of 09:41:30 GMT to 10:01:00, a EURCHF price of 0.88 will be applied

    Amazingly I was shorting the GBP against CHF with a small (25,000) position and closed in the first window at a nice point. 1000's of Euro change in milliseconds when I executed. The correction doubled my profit but there is still a lot of volatility out there. Some hedge funds wiped out because of the decision. Madness.


  • #4
    Rightwing
    Closed Accounts Posts: 8,101 ✭✭✭Rightwing


    ixus wrote: »
    The 1.20 floor was removed. Biggest buyers of euro pulled from market. Small CB got out of big CB's way. Hints at larger than expected QE.

    SNB will sell all the euro bonds they purchased back to ECB.

    IG whacked for €30 mln. Will be larger casualties.

    If you were watching the price action since they went negative, you could feel the level getting ready for a testing. Who knew SNB would pull the rug. Especially after last months statement.


    £30m.

    Excel have gone under and FXCM have breached capital requirements.

    Great move from the SNB


  • #5
    For ever odd
    Closed Accounts Posts: 608 ✭✭✭For ever odd


    I wonder how much money was really lost in that first hour, its not often you see such large volumes of money been exposed as to where it was hiding.


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