Yesterday Mike brought us the news from Roubini global economics that the SNB may be prepared to raise the floor in EUR/CHF.
Reuters are out with a view of their own saying that the SNB like the floor just the way it is and that Thomas Jordan has repeatedly said that the floor is not a policy for “fine tuning”
They add comment from Credit Suisse who agree and say that EUR/CHF is in neutral fair value and that the SNB has no reason to move the peg without a greater risk of deflation.
There will be no doubt that the SNB will have a little chat amongst themselves over the ECB threat to the Euro, but it’s probably going to be more of a watercooler chat than anything else.
As we’ve seen in FX it’s going to be USD/CHF that’s going to take the brunt of any ECB policy change.