ForexLive's  Instablog

• SNB spokesman says won't accept exchange rate below 1.2000 francs per euro. SNB committed to buying foreign exchange in unlimited quantities to defend cap
• Swiss March foreign currency reserves 237.5 bln from revised 227.23 bln in February (prev 224.9 bln)
• Swiss March CPI +0.6% m/m, -1.0% y/y, firmer than Reuter's median forecasts +0.4%, -1.1% respectively
• Spanish/German 10 year govt bond yield spread widens out to 405 bps from early 390 bps
• Italian/German 10 year govt bond yield spread widens out to 375 bps from early 356
• German February industrial output -1.3% m/m, demonstrably weaker than median forecast of -0.5%
• German EconMin: February's sudden cold snap hit construction hard, but builders now making up lost ground
• UK February manufacturing output -1.0%, demonstrably weaker than median forecast of +0.1%, biggest drop since April last year
• Australia and New Zealand could adopt single currency -The Telegraph

I'd say the answer to the headline question is NO!!! But then I would, wouldn't I

Although EBS has EUR/CHF (FXF) trading as low as 1.1990, there is talk in the market that the SNB was on the bid on the EBS platform all the time at 1.2000. The break below was apparently caused by some banks that couldn't see the SNB bid due to limit issues.

There is also talk that some banks are not filling orders under 1.2000 on this move, one major Swiss bank apparently adamant that the low was 1.2000.

We're presently at 1.2015, talk having had upwards of 9 yards (billion) of euros on the bid on EBS at 1.2000.

Continued euro-zone sovereign/bank worries have had the single currency very much on the defensive this morning. EUR/USD (FXE) down at 1.3070 from early 1.3155. As European stocks came under pressure and euro zone periphery bond yields rose so the euro slumped.

Barrier option interest at 1.3100 was defended, but admittedly not that robustly. When it gave out we saw accelerated selling to session low 1.3057, just North of touted 1.3050 barrier option interest. The BIS has been seen buying circa 1.3060 lending much needed support.

Cable down at 1.5820 from early 1.5900. EUR/GBP little changed at .8262 from early .8270.

USD/JPY (FXY) down at 81.90 from early 82.30, undermined by the risk averse environment and easier US treasury yields. The benchmark 10 year US treasury yield is presently down at 2.1787 from 2.2305 when I first sat down.