EUR/CHF trades around 1.5115, sparking the usual talk that the SNB is not likely to be far below the market, on the bid around 1.5085. Given the weakness of the dollar, we wouldn’t be surprised to hear them “legging” into the cross, buying the the USD/CHF side of trade in the market, and then quietly buying the EUR/USD side from one of the European central banks, or through the BIS.

EUR/USD is choppy, swing around with US stock futures. US earnings reports have been quite strong today, but with the market already up strongly in anticipation of upbeat results. A correction could unfold at any time. It trades now at 1.4980.