It seems pretty clear that the European Central Bank gave the Swiss National Bank an early heads-up about their QE announcement Thursday morning and that precipitated the Swiss action. In short, Mario Draghi told Thomas Jordan that a tsunami of over a trillion euros was coming, and Jordan made sure to move the Swiss National Bank out of the way.
That said, it's an extremely good example of why Bitcoin isn't going to find itself on a lot of FX venues anytime soon.
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Date: 2015-01-23 06:36 am (UTC)I entirely disagree. It was inevitable that the Swiss National Bank was going to be forced to end its euro peg. The only question was when, in the same way the Bank of England being forced to withdraw from the European Exchange Rate Mechanism was inevitable.
It seems pretty clear that the European Central Bank gave the Swiss National Bank an early heads-up about their QE announcement Thursday morning and that precipitated the Swiss action. In short, Mario Draghi told Thomas Jordan that a tsunami of over a trillion euros was coming, and Jordan made sure to move the Swiss National Bank out of the way.
That said, it's an extremely good example of why Bitcoin isn't going to find itself on a lot of FX venues anytime soon.
So true, and so overdetermined. :)