“All currency traders know that the central bank will buy euros whenever the rate gets to CHF1.20. As a result, many program their computers automatically to buy the single currency when the exchange rate gets close to that point, in an effort to piggyback on official buying. ‘People expect the SNB to defend the floor and program their algorithms to sell the euro aggressively,’ a London-based trader said. ‘Also, people are mindful that the SNB could try to move the floor higher and the computers are set to get on the back of that move as quickly as possible.'” [How central bank inflation keeps speculators well-fed.]
http://online.wsj.com/article/SB10000872396390443537404577579162863511308.html
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