Bank of America Global Research adopts a bearish EUR/USD bias, expressing that via a short exposure in options (receive 0.4784% EUR at inception), spot ref 0.9935, strike refs 1.00 and 1.02905, vol refs 5.651/6.606). 

"We sell 3m EUR/CHF call spread as we believe the pair is likely to stay below parity in the near term. Further signs that the Swiss National Bank (SNB) selling balance sheet to stem CHF weakness," BofA notes.

"Rise in inflation suggests risks of higher terminal rate. EUR/CHF lags some traditional metrics due to SNB selling the balance sheet – process has some ways to go capping EUR/CHF," BofA adds.