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Feb 08 - 08:55 AM

EUR/CHF - Slump Merits Attention

By Jeremy Boulton  —  Feb 08 - 06:35 AM
  • EUR/CHF has slumped 1.0032 to 0.9867 EBS in a few days

  • In this period stock markets have been robust

  • Franc's rise is not due to risk aversion

  • Sight deposits have collapsed since September

  • It is not due to interest rates as EZ rates are rising above Swiss

  • It is not due to fear of bigger movement - vol is low

  • It may be due to reserve adjustments - SNB is paring reserve

  • Rise above parity fuelled a lot of bullish speculation

  • It may have provided SNB with an opportunity to sell euros

Refinitiv IFR Research/Market Commentary


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