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Apr 04 - 06:55 AM

EUR/CHF - COMMENT-EUR/CHF Sets Sail For Parity On Swiss CPI Southerly

By Rob Howard  —  Apr 04 - 04:50 AM

April 4 (Reuters) - Franc bears hoping for EUR/CHF to visit 1.00 for the first time since March 2023 may not have long to wait, courtesy of last month's unexpected decline in Swiss inflation.

Swiss CPI's fall to a two-and-a-half year low of 1.0% YY tees up the Swiss National Bank to cut interest rates again in June, which should weigh on the franc.

The franc slid to an 11-month low against the euro on the Swiss CPI drop, with 0.9847 marking the EBS high for EUR/CHF.
The cross was sub-0.98 before the CPI data, and sub-0.97 before the SNB's rate cut surprise a fortnight ago.

CFTC data on FX positioning due on Friday will show if the net CHF short rose for a ninth consecutive week in the week ended April 2, having grown from 3,904 contracts to 21,968 in the prior eight weeks.

Related comment: nL2N3FX0QL

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Source:
Refinitiv IFR Research/Market Commentary

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