And it's the only one which matters to them the most
That's the EUR/CHF. The pair was treading near the lows in early February when equities sold off and flight to safety ensued - but since then it's made a decent recovery back up to current levels of 1.1768.
Although how much of the support provided for the upside move was by Jordan & co is another question of course. But the fact that the pair is heading back towards the year's highs will please the SNB very much.
I've been an advocate of longs/dip-buying in the pair since last year (and personally before that), and it's a pair which I find that has much clarity in trading these days compared to everything else that's been going on.
Yesterday, SNB's Moser said that the key to rate hikes will be the central bank's inflation forecast and if this is what it looks like (they even softened forecasts in March's meeting) then that only adds to more conviction for the pair to move higher - since the SNB is still way behind the ECB in terms of normalising policy.
The trade on the pair is a simple one, but one which relies a lot on the SNB's stance. And so far, they haven't disappointed.
