EUR/CHF sits at 1.5225, pretty much unchanged on the day as the pairing continues to experience uninspired narrow rangebound trade. It comes as no great surprise as we mentioned yesterday. Interestingly enough the cross did dip lower hitting a low of 1.5192. It’s interesting because a fair few people have touted the 1.5180/00 area as a likely zone for renewed SNB intervention to resurface. The rebound from the low reflects nicely the obvious caution in the market.
Earlier today SNB’s Roth said the bank expects to see a decline of 2.5-3.0% in Swiss growth for this year and stagnation in 2010. Regarding intevention in the swiss bond market; the SNB chief said it must be done cautiously.
