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Macro sentiment is stabilizing in Switzerland, however, the measure remains the bottom in the G10 as economic data continues to surprise to the downside. Recently, retail sales data showed the measure expanding the least of the group. This isn't the only metric where Switzerland is the bottom ranking, it also holds the lowest inflation rate in the G10 at 0.7% Y/y.
The largest weekly changes were seen in CAD rising which is now neutral while SEK is reverting to the mean, the latter leads the group.
Adding to the mix, the SNB is seen hitting 0% somewhere next year. It makes sense to stay short CHF into 1Q, with a potential to add to the position as political risks ease in Europe and if Trump's trade policy does not prove to be as aggressive as expected.
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