The Swiss national bank, the fight against a strong upward pressure on the Swiss franc. What is the short-term bias for the currency?
Here is their view, courtesy of eFXdata:
Bank of America Global Research maintains a structural bullish on the us dollar in the coming months.
“The SNB is stepping up its intervention to weaken CHF. This will fail in the absence of recovery of the peg, which is a low pro…The SNB may be reluctant to push the growth of deposits in view of the levels of 2012. Balance sheet growth will become a matter of concern,” BofA notes.
“The Path of least resistance remains for the USD to grind higher, and the EUR/CHF to the violation of 1.05 as the euro area, concerns about the debt of their states in m/term,” BofA adds.
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