zia's pole vaulting tuesday, page-8

vvg26,
I saw that story about the SNB. Would explain a lot if true. UBS has a different take on it however:

http://ftalphaville.ft.com/blog/2012/07/30/1100351/the-snb-eats-euro-cake/

"Judging the SNB impact purely on the basis of actual flows might be misleading however. Market psychology is important and the perceived presence of a large marginal player can easily push things around. Market participants are always grateful for stories that might explain seemingly random moves."