From the end of 2008 through July 2012, no major currency appreciated as much as Australia’s dollar, thanks to booming shipments of iron ore and other commodities to China. Since then, it’s the worst performer as the engine of world growth slows.

EURUSD moving avg is @1.2830. It needs to hold this support otherwise the snap break wont be funny for all markets vs USD. Fx Markets calling supa mario a bluff...

Meanwhile XAU/EUR continues to rally on breakout...

The Swiss National Bank is buying fewer euros to enforce its currency policy, but diversification of its reserves out of the euro and into the Australian dollar, British pound and Swedish crown is unlikely to stop.

The euro stands 0.7 percent higher than the ceiling of 1.20 francs per euro which the SNB imposed in September last year. The central bank is still intervening even though the euro's recent gains have seen the monthly pace of SNB reserve accumulation slow to a trickle compared with June and July.

Since the SNB pledged to buy unlimited amounts of euros and protect the Swiss franc ceiling, its foreign exchange reserves have ballooned, to 429.30 billion francs in September -- 1-1/2 times bigger than they were a year ago.

It holds 60 percent of its reserves in euros and 22 percent in dollars, latest data shows, with smaller holdings in yen and sterling. In recent months, it has been increasing its share of less-liquid currencies such as the Australian dollar and the Swedish crown and analysts say this is likely to continue.