Stop loss orders can be filled at worse levels if liquidity is not available. This is a forex slippage. SNB’s decision was so big liquidity providers disappeared. Traders’ accounts can have unexpected losses.
CHF strengthens furiously following Swiss National Bank’s high impact surprise to stop Minimum Exchange Rate with Euro. From our favourite broker explaining why price feed froze “there was a massive drop in CHF due to their central bank removing a floor in the market so no pricing was received for a time”
Russians buy HKD to beat US sanctions challenge HKMA which has to defend currency peg. Explains why USDHKD did not move with Dollar rally.
7.75 of USDHKD continues to be tested. This post links together some others I have wrote about on this topic including HKMA intervention. With excerpts from Zerohedge and Sovereign Man.
HKMA continues intervention in currency markets to weaken Hong Kong Dollar. There is some relief today as USDHKD rises 1st time in 8 days.