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Hardy on the euro and the Swiss franc
The Swiss franc has slipped a little against the euro after the Swiss National Bank said it was keeping the 1.20 exchange rate "floor". It also restated that it's ready to buy unlimited quantities of foreign currencies. While global uncertainty remains high, the SNB says it sees some downside risk for Swiss growth. CHFEUR has been hovering at six or seven month peaks, a level which the SNB says is "still high".
Saxo Bank's Head of Forex Strategy, John Hardy, says the bank's in no rush to "rattle its saber" as Swiss fundamentals are looking solid. However he did notice that Thursday's statement attempted to put a dovish spin on things with inflation forecasts lowered a bit for next year.
On euro dollar, John says the single currency's continued strength is "remarkable". Everything, he says, depends on what the US Federal Reserve does or does not do at its next meeting later this month. He says EURUSD at 1.40 is certainly possible.
01:36 minutes
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