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Citi Stick With 50bp Cut Call, Like Long EUR/CHF & Short CHF/JPY

CHF
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{SZ} CHF: Citi note that “CHF retraced early gains following slightly firmer than expected Swiss Feb CPI. We argued that CHF rallies should be sold as the direction of travel is still clear: inflation is declining, and we are on track for easing.”

  • “Sticky services inflation is a hawkish point within the print, but with headline coming in line with economist expectations (1.2% YoY), our call for a 50bps March SNB cut remains intact. Our favoured expressions are short CHF/JPY and long EUR/CHF.”
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{SZ} CHF: Citi note that “CHF retraced early gains following slightly firmer than expected Swiss Feb CPI. We argued that CHF rallies should be sold as the direction of travel is still clear: inflation is declining, and we are on track for easing.”

  • “Sticky services inflation is a hawkish point within the print, but with headline coming in line with economist expectations (1.2% YoY), our call for a 50bps March SNB cut remains intact. Our favoured expressions are short CHF/JPY and long EUR/CHF.”