Traders noted strong selling of EUR/GBP earlier in the session, reportedly from the SNB as they diversify their reserve hoard into dollars and sterling in addition to euros, of which, they have quite a few (to say the least).
The SNB was said to have been a seller of EUR/USD earlier in the day…The bank announced a first quarter loss of CHF 1.7 bln today as it sought to keep the franc from strengthening too much. They can live with relatively small losses, chalking it up as the cost of doing business to keep corporate Switzerland afloat.
