DislikedBTW a PEG/price floor IS a manipulation... just a known one... a manipulation being public doesnt mean it isnt manipulation my friend... the fact they placed a PEG/Price Floor Restricts the Currency Pair to Move According to the Laws of Demand and Supply IS a force of manipulation... so you're wrong again there my friend...
Yea no need to educate me about the Peg on EURCHF dude... i holding longs at 1.2050 and 1.2020, but what i mean is... if EURCHF puts a peg at 1.20 which is sooooooo sooooo publicly known... why then have we seen EURCHF poke...Ignored
so, intervention based on a commitment = manipulation...
k, got it. in that case, the snb is being manipulated by swiss businesses and swiss import/exporters. they're own citizens effectively.
seems it's just semantics on your definition of 'manipulation'...which i know am starting to understand.
you mean manipulate in the same way as someone manipulating marble into a statue, or oil on canvas into a painting. perhaps it was the 'conspiracy theory' type tone to your post that first got me misunderstanding.
btw, it is not a brick wall @ 1.20, of course people are going to 'test' it.
the snb doesn't execute those orders sitting there with every market participant... but they sure as hell execute in large volume, why do you think it shot straight back up over 1.20?
the breach has even been blamed on 'fat finger' at the snb themselves, but of course, no-one will cop to it, and i know better than to believe anything without evidence, so that remains conjecture, speculation and opinion. other market participants have also tried to take credit for 'making them sweat', probably as a way of trying to be the biggest swinging dick in the room, i guess...
anyway, you wanted a 'technical reason'... so i'll try and accommodate...
"there were more sell orders than buy orders below 1.20" as some continuation "it breached. the snb threw money at the problem. swallowed up every bid. the problem went away"
right, now i'm really outta here. i don't think this is productive.
keep well all.
Carpe Divitiae