CHF

Thanks oldgreywhistletest - appreciate the analysis, and good timing with the recent drop in CHF bets a few days ago.

Can ANYONE comment to the action of the CHF? I keep getting burned going short it (USD, GBP, AUD). It's like the anti-currency - when things appreciate against others, they seem to depreciate against the CHF. I can't figure it out at all.

Thanks,
Rob

Hey Ashraf - is there any way you might share some thoughts on the Vix? I'm long UVXY.
It's a volatile one as you probably know...
Thanks

We suspect SNB was on the gold short today...

INTERVIEW-SNB sees some upside in ECB easing, but defends franc cap

By Krista Hughes
WASHINGTON, April 12 (Reuters) - Switzerland could benefit
from further policy easing in the euro zone if the Swiss franc
weakened in tandem with the euro against the U.S. dollar, Swiss
National Bank Chairman Thomas Jordan said on Saturday.
But Jordan warned the SNB would defend its currency cap
against the euro and would not hesitate to take other measures
if further stimulus from the European Central Bank pushed the
franc up against the euro.
ECB President Mario Draghi said earlier on Saturday the euro
zone central bank will ease monetary policy further if the euro
EUR keeps strengthening, his strongest signal to date that
the ECB may embark on stimulative asset purchases.
Jordan said it was hard to predict the impact of such
policies on neighboring Switzerland, but the SNB was determined
to keep loose monetary conditions given continued low inflation.
"The euro is very strong against the dollar and a weakening
of the euro in general is probably not too bad for the Swiss
franc," he said in an interview on the sidelines of
International Monetary Fund spring meetings.
"If the Swiss franc weakens with the euro together against
the dollar, that would be something which is beneficial for
Switzerland and the Swiss economy."
The SNB put a cap of 1.20 per euro on the soaring franc in
2011 to help stave off recession and the threat of deflation and
had to intervene heavily in 2012 as the euro zone crisis flared.
The franc has gained nearly 2 percent against the dollar
this year and almost 1 percent against the euro
EURCHF, a rise Jordan said was partly due to safe haven
effects. The franc was still "very strong," he said.
"The minimum exchange rate is the key tool so we will
enforce it also in the future in order to maintain adequate
monetary conditions in Switzerland," Jordan said.
"We do not exclude any measure that is necessary in order to
maintain adequate monetary conditions and we have already said
we do not exclude introducing a negative interest rate."


(Reporting by Krista Hughes; Additional reporting by Dan Burns;
Editing by Andrea Ricci)
((krista.hughes@thomsonreuters.com)(+1 202 354 5854)(Reuters
Messaging: krista.hughes.thomsonreuters.com@reuters.net))