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USD/CHF pressures are indirect - Societe Generale

FXStreet (Guatemala) - Sebastien Galy, Senior FX Strategist at Societe Generale explained that some argue that as EUR is sold only USD is bought given that it offers yield.

Key Quotes

“This pressure on the EUR is therefore indirect vs CHF."

"The SNB would then need to weaken the CHF likely via negative rates or be forced to intervene and buy long dated gvt bonds in the Eurozone. It's balance sheet would expand and as long as it runs a positive carry it is all quite sensical, if potentially fraught with political consequences at home."

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