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CHF surging further here and markets.....>

EURO-SWISS
EURO-SWISS: CHF surging further here and markets likely to begin to question
levels at which the SNB will provide some support in EURCHF. We note that
intervention only appears to have tapered off when EURCHF was comfortably north
of 1.10 (if not a bit before).
-Looking at sight deposit data - a proxy for official intervention in the FX
market - the SNB has been largely sat on the sidelines for the past two years,
during which time EURCHF has traded within a 1.10-1.20 range.

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