The Swissy markets are braced for a double whammy this morning with a speech from Swiss National Bank Board Member Philipp Hildebrand at 7.05 GMT and then inflation data due 10 minutes later. The SNB seem quite happy with a minor weakening in the CHF since their intervention in March, with Eur/Chf happy to trade in a tight 1.50/1.52 range. Further slippage into deflation is expected with CPI forecast to come in at +0.3 % m/m but falling 0.9% y/y. Eur/Chf has ticked up to 1.5180 so far this morning.