CHF: EURCHF Consolidates In Low 0.91s, Sellside Remains Bullish
Feb-11 11:17
- Swiss Franc resilience continues to be on show in 2026, with EURCHF consolidating in the low 0.91s on Wednesday. The softer greenback has prompted USDCHF to edge closer to cycle lows which are located 0.7605, with participants also awaiting inflation data from both Switzerland and the US on Friday.
- UBS flag that "asset managers are buying CHF at the fastest pace in a decade", one factor leading to their call for 0.75 USDCHF at quarter-end estimate, and "consistent with deeper EURCHF downside towards 0.90 by year-end and beyond".
- Danske meanwhile say "We think the bar is relatively high for the SNB to intervene [...] also note the shift taking place in safe-haven dynamics the past year which has favoured a stronger CHF [...] stick to our long call of being bullish CHF FX."
- This comes after Morgan Stanley targeted EURCHF 0.8700 earlier this week.
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EU-BOND SYNDICATION: New 3-year Jul-29 / 30-year 4.00% Oct-55 tap: Mandate
Jan-12 11:17
"The EU has mandated BNP Paribas, BofA Securities, Credit Agricole CIB, Nomura and Santander as Joint Lead Managers for its upcoming EUR Fixed Rate RegS Bearer dual tranche transaction, comprising a NEW Long 3-year Benchmark due 12th July 2029 and TAP of the outstanding 4% Oct-2055 (EU000A4EG039).
There will be no further group. The transaction will be launched tomorrow, subject to market conditions."
From market source
- A new 3-year EU-bond alongside a 30-yeer tap is the same syndication as in January 2025. Last year saw E6bln for the 3-year and E5bln for the 30-year tap. We expect the same size transaction this year.
OPTIONS: Larger FX Option Pipeline
Jan-12 11:16
- EUR/USD: Jan13 $1.1870(E1.0bln); Jan14 $1.1850(E1.4bln); Jan15 $1.1850(E3.3bln)
- USD/JPY: Jan14 Y150.00($1.8bln)
- GBP/USD: Jan15 $1.3450(Gbp1.3bln)
- AUD/USD: Jan13 $0.6690-10(A$1.6bln)
- USD/CAD: Jan15 C$1.3850($1.3bln)
FOREX: FX Option Expiry
Jan-12 11:14
Of note:
EURUSD 3.21bn at 1.1650/1.1700.
USDJPY 1.43bn at 158.00.
GBPUSD 1.26bn at 1.3450 (thu).
USDCAD 1.4bn at 1.3850 (thu).
EURUSD 1.93bn at 1.1700 (fri).
USDJPY 3.74bn at 160.00 (fri).
AUDUSD 1.98bn at 0.6600 and 2.51bn at 0.6800 (fri).
- EURUSD: 1.1650 (1.07bn), 1.1680 (622mln), 1.1690 (654mln), 1.1700 (864mln).
- USDJPY: 158.00 (1.43bn).
- USDCAD: 1.3840 (559mln).
