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EUR/CHF Touches New Daily Highs as Jordan Zeroes in on CHF Strength

CHF
  • In an appearance from Davos, SNB President Jordan talks through the strength of the CHF currency, stating that the CHF is now stronger, and that needs to be taken into account. He adds that the CHF is now appreciating in real terms, and that appreciation pushes down Swiss inflation.
  • CHF moderates in response, helping EUR/CHF to new daily highs at 0.9389 and USD/CHF to 0.8637. The focus on FX here is inline with the communications shift on FX from December, at which the SNB omitted the mention of the bias for FX sales, but this seems an upgrade in the assessment of the currency strength, from:
  • December: "Swiss Franc appreciation is not so large in real terms"
  • Today: "Swiss Franc is now appreciating in real terms, Franc is now stronger, need to take that into account".
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