The swiss interest rate was cut at an unscheduled meeting and has caused the CHF to plunged with Euro/CHF taking almost 250 pips up. I closed my lot earlier than expected and would have probably made a neat and nice profit instead of a negative 30 pips. Tough luck.
Source : http://www.xe.com/news/2011/08/03/2070973.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art1
I wanted to open a long at 1.0960 but didn't had the guts. I can only knock myself in the head because it rose by 100 over pips in mere minutes after I went off my desk to take some stuffs from the car. Must definitely been a good day for anyone trading against the Euro and Swiss francs.
On a fundamentals sidenote, the soaring Spanish and Italian bonds will yield weight on the Euro. We can also see that the Euro has been consistently following the direction of the gold and with intervention from the Swiss, will the bulls come for the EUR/USD again? Not quite, because the Swiss probably won't want to acquire any of the major currencies but GOLD! However, the retail news for EU will be out soon and I won't be trading on it. Will wait till U.S data tonight.