- The euro (NYSEARCA:FXE) knee-jerked lower by 1.5% on Sunday night after Greece shut its banks and stock market, and imposed capital controls, but has now recouped nearly all of that decline.
- Other asset markets - namely stocks and interest rates - are showing no such reversal.
- Behind the move in the euro is the Swiss National Bank intervening to prevent appreciation of the franc (NYSEARCA:FXF), which is now just marginally higher on the session.
- “It is currently a very difficult situation and we are observing developments very closely,” says SNB cheif Thomas Jordon, speaking at a conference. He declined to give details about the size of the bank's intervention, the first such move since the SNB in January threw in the towel on its floor on euro/franc.
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