Perhaps the central banks are getting a bit savvier about when and where to intervene. Gerry mentioned during the London session yesterday that the SNB soaked up 13 billion EUR/CHF before going on the attack and driving the pair 300 pips higher. Some accounts will have been very badly hurt. They also probably realised that some major technical signals were driving hedge funds to exit AUD longs against the European currencies, making it a good time to attack. Not a total game changing exercise but a reminder from the central banks that they are willing to take on the speculators, and even win a round or two.
Good luck today.
