SEB Research summarizes its tactical bias on GBP and CHF.

"GBP in a "carry sweet spot" with large rate differential vs EUR, but faces downside risks . Higher rates reignite fiscal fears, lower rates erode carry protection. Stagflation dynamics and political risks cloud the outlook. Short GBP is best expressed via EUR+AUD basket or EURGBP calls," SEB notes.

"CHF: Hard to be short, expensive to be long. CHF retains safe-haven links to gold but that breaks in yield- driven shocks. Being long is expensive; being short is risky given haven flows. Play tactically around binary risk events only," SEB adds.