Options traders braced for further SNB intervention

Simon Nursey, BNP Paribas: Liquidity "very very weak"

Foreign exchange options investors reversed their bets last week, as they switched from buying downside options in EUR/CHF to upside options in anticipation of further measures from the Swiss National Bank (SNB) to weaken the Swiss franc, according to senior options traders.

"Following the US credit downgrade to AA+ on August 5, we saw a lot of buyers of downside EUR/CHF and a flight to the Swiss franc and gold. But given the recent rhetoric from Swiss officials and EUR/CHF spot moving from 1.01

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