A trough back to my trading platform days…
What happened was truly a black swan as I can assume algo after algo saw their EURCHF 1.1999 stops hit, and moments thereafter the EURCHF pair crashed to less then 0.75, margining out virtually every single long EURCHF position, before finally rebounding to a level just above 1.00, which is where it was trading just before the Swiss National Bank instituted the currency floor over three years ago.
Over two decades ago, George Soros took on the Bank of England, and won. The SNB took on virtually every single macro hedge fund, the vast majority of which were short the Swiss Franc and crushed them…
Central Banks 1 : Hedge Funds 1