EUR/CHF: Last one standing
BACKGROUND
It has been almost three months since the Swiss National Bank (SNB) intervened to buy EUR/CHF and embarked on quantitative easing. That period also brought the introduction of quantitative easing in the UK, US, Switzerland and Israel. Key trades such as buying 10-year bonds, flatteners and selling the currency have moved deeply out of money.
EUR/CHF is the 'last one standing' of the policy-response trades. The Swiss franc has moved in a 2.5% range since intervention and fallen 1.5%
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