CHF: Benign conditions to keep Swiss offered – ING

Analysts at ING suggest that the risk environment should remain benign and CHF should stay offered.

Key Quotes

“Here we note with interest the CHF20bn decline in domestic CHF sight deposits since June - perhaps suggesting some exodus from CHF.”

“Swiss data next week sees KOF business confidence on Wed - picking up - but nowhere near the German IFO levels. Thus SNB can continue to take a back seat and allow EUR/CHF to drift higher on the ECB tapering story.”