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CHF Buoyed By Calmer Swiss Bank CDS Spreads

CHF
  • CHF among the strongest currencies in G10 so far Thursday, gaining despite the more positive backdrop for equities - with the pullback in CDS prices for Swiss banks likely lending a hand to the currency as it pares recent losses against both the EUR and USD.
  • USD/CHF has shown below S/T uptrendline support drawn off the March low of 0.9072 but a break below 0.9121 is really needed before any resumption of the March downtrend.
  • Of note, the SNB VP Schlegel spoke today to NZZ, stating that the SNB 'pushed its limits' when extending liquidity assistance to the bank sector two weeks ago - assistance for which the costs became clearer today with an SNB statement (costs for the liquidity programs range from policy rate +50bps to policy rate +300bps).
  • While the details are not unexpected, the statement clarifies the punitive nature of the facilities. SNB's Maechler and Moser speak later today at 1700BST/1200ET.
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