From Morgan Stanley’s Spot Desk:
EUR/CHF curiously bid here, even though it usually gets dragged lower with USD/CHF when Euro moves higher. This suggests people are putting on their SNB bets. We like being long into the meeting, particularly as not many people actually think they will pull the trigger on negative rates.
EUR/CHF is currently trading at 1.2104, up from a low of 1.2080 in Asia.
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