EUR/CHF sitting at 1.5240 is not alot changed from where we closed out Thursday in North America.
Improved risk sentiment, which undermines swissy’s safe haven status; fear of renewed SNB intervention and ongoing pressure on global tax havens are among three factors supporting the cross.
The alarm bells will have gone off at the SNB today. Swiss CPI came in at -0.3% m/m and -0.4% y/y, much weaker than the median forecasts of flat and -0.1% respectively. The SNB has vowed to halt swissy strengthening to help ensure deflationary risks are quoshed. The data will only have served to steel their resolve.
Think we could see the ground above 1.5300 regained before to long.
