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Gold plated Swissie – RBS

FXStreet (Barcelona) - Melinda Burgess of RBS notes, EUR/CHF continuing to grind lower towards the 1.20 floor, with the Swiss Gold referendum looking to add further downward pressure at the end of this month.

Key Quotes

“EUR/CHF has continued its grind lower towards the 1.20 floor aided by intensified speculation over further easing measures from the ECB.”

“Last week ECB officials (Coeure and Noyer) suggested they are open to the idea of QE but, while a new package of measures seems likely in December, QE looks more of a Q1:15 story, in our view.”

“The unexpectedly balanced polls on the Swiss gold referendum (30 November) are also likely to be adding some downside pressure on EUR/CHF.”

“Given rates are at the lower bound, the floor will remain the SNB’s main policy tool in our view and so intervention risks should intensify if EUR/CHF slides closer to the 1.20 floor”

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