Yes Bomber, I have traded FX - professionally for 20 odd years. And been at the wrong end of CB intervention (LOL)
Most people misunderstand how and why CB's enter the market. It may be in an attempt to stem the movement of a currency, or as a genuine commercial transaction (purchasing foreign currency for the aid committments, etc).
They may enter the market covertly - through a commercial bank which has a secrecy agreement with the CB. Generally speaking the market would never know a CB was behind the sale/purchase. Let's face it, if of the the Big4 here was to sell or buy a couple of hundred mio Aussie that could be for any purpose.
They may enter the market overtly - going straight to a broker and hitting the market.
They may even do a combination of both.
A couple of things for sure (a) CB's never intervene to the extent the market speculate's they do and (b) CB intervention has been shown to be less than 20% effective in arresting the short term movement of a currency.
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Yes Bomber, I have traded FX - professionally for 20 odd years....
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