It’s not Greek jitters but under-hedged Swiss corporates who are bidding up the franc toda, traders say.
Like everyone else, Corporate Switzerland seems u willing to buy into the new normal of a super-strong franc. They are therefor under-hedged and have to buy francs at record prices to square their books before the end of the second quarter.
Perhaps we get a Swiss slide next week after the quarter comes to a close and the Greek machinations are out of the way…
