EUR/CHF remains mired in a relatively narrow range. Although its up marginally on the day, presently at 1.5265 compared to an early 1.5240 in Europe, it still doesn’t look likely to go very far in either direction.
Earlier a peek over 1.5300 was soon repelled. We didn’t hear any talk of BIS selling, but wouldn’t surprise me at all if the bank was there capping the rally.
The KOF institute earlier today released its’ latest Swiss growth forecasts and they weren’t very pretty and have served to undermine swissy somewhat today. The institute sees Swiss GDP shrinking a hefty 2.4% in 2009 and by a further 0.3% in 2010. Back in December they had forecast -0.5% for 2009, before a rebound to +0.6% in 2010.
Looks like 1.5150-1.5400 range is here for a little while longer.
