EUR/CHF is presently up at 1.5250, having closed out in North America Wednesday down around 1.5170. There appear to be a few factors driving the rally.

The better risk sentiment we’re seeing, with global stockmarkets on a tear, is helping erode swissy’s safe haven premium.

There is evident caution of pushing the pairing too close to 1.5000, as many believe this could well be a line in the sand which would trigger renewed SNB intervention.

The EUR/CHF cross was already up at 1.5205/15 this morning when comments from SNB’s Hildebrand hit the wires. The official said that the central bank will use all means to prevent a strong currency, as a strong currency will bring with it the risk of deflation.

We’ve been as high 1.5266 post Hildebrand comments. The move by the ECB to only trim rates 25 bps should help underpin the cross further.

It’ll be interesting, if/when we get there, to see whether the BIS turns up as an aggressive seller over 1.5300, as we saw recently.