The SNB is staying on course with their interest rate and QE policies. The 3mth LIBOR range is maintained at 0.25-0.75% with a bias to staying at 0.25% while the SNB will continue to purchase CHF bonds in the private sector while maintaining their threat to intervene on CHF strength. The reiteration of the latter has been enough to give EUR/CHF a modest boost but the market continues to have a bias toward testing the SNB's resolve. The big debate is still at what level the SNB next choose to intervene at. SNB's Jordan has said that there is no fixed threshold where it becomes active and thus a move below psychology 1.5000 does not guarantee action from the SNB. What is interesting is the SNB's view that they have achieved their aim with FX intervention citing that the appreciation against EUR and volatility have eased further. This suggests that we may see intervention at lower levels when the market is out of line again with their goal.
That said, i am out a breakeven and waiting for lover levels in EUR/CHF to go long again
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