Macro Morning (Swiss slap)

by Chris Becker

The Swiss Central Bank unpegged its currency from the Euro last night and sent markets reeling, with FX brokers (and highly leveraged customers) and macro hedge funds to the wall. USDCHF fell from 1.01 to 86 cents – yes you read that correctly – almost instantly (thats a daily chart):

With the peg removed the floor fell out of the arse in EURCHF, moving straight down from 1.20 to 87 then back above parity before resuming a small decline (I would have an MT4 chart but my provider is no longer trading EURCHF!)