• Deutsche Bank note EUR/CHF gained 3+% since Mid-East conflict prompted SNB to lean against CHF strength

• SNB now more willing to intervene on FX to curb excessive franc gains

• CHF's safe-haven, equity-hedge traits appear to be fading

• CHF beta to global equities is near zero, even in elevated risk periods

• CHF now increasingly driven by global rates, not risk sentiment

• Yield differentials now the key CHF driver going forward, Deutsche Bank argue
EUR/CHF=EBS


(Richard Pace is a Reuters market analyst. The views expressed are his own)