The First Statistical Studies

The examination of intraday anomalies has a great advantage: interventions target the price, they must therefore be visible in the price. We thus measure the intervention effect directly when we examine the price. We will later draw on other proofs as well, such as quotes from central bankers. Their evidential value is, however, usually only of an indirect nature (as a rule they don’t contain official confirmation of the interventions). Only in combination with statistical proof (and the temporal and qualitative correlation won through the statistical analysis) do these quotes unfold their full significance. The proof demonstrated on the basis of price movements is not only direct, but, due to the high incidence of intraday anomalies, also significant. After all, our examination doesn’t just encompass any price movement we don’t like, but also shows a regularly repeated short-term pattern that lies far outside typical market behaviour and which cannot be explained otherwise.