Nordea FX Strategy Research notes that recent weeks have seen a change of scenery and EUR/CHF is finally on the rise even without SNB helping the move.
“The post Sintra move up in EUR rates is helping, as EUR/CHF has been sensitive to rates spreads. And with a diminishing spread throughout the spring, EUR/CHF struggled to find pace, even with a stronger EUR momentum broadly.
Short-term we fancy riding the upwards momentum even longer, but beyond a 2/3 months horizon, we would still be cautious in terms of extrapolating the current momentum. Especially with an Italian election luring. And adding to that, there is the risk that markets will be left disappointed by the ECB,” Nordea advises.
Source: Nordea Research
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