EUR/CHF back above 1.00; talk of SNB intervention

  • Rumors about SNB being active in the market are making the rounds as EUR/CHF has risen back above 1.00 from a low of 0.9782 overnight
  • Strong CHF a major concern for Switzerland, likely the bank will now stick to regular interventions after abandoning the 1.20 floor
  • Credit Suisse notes that the sharp rise in the Swiss National Bank’s latest weekly sight deposit data suggest it is still intervening in the currency market

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