Via Bloomberg
A point made by Bloomberg's markets live blog that the CHF's weakness is corresponding wih the bear steepening in global curves, with the increase in German yields particularly strengthening the Euro against other crosses. However, MLIVE blog make a case the longer end of global yield curves may be getting too cheap. The 30 year Treasuries are trading at discount to the author's fair value model which could cap further bind selling at the long end.
It is clear though that the global risk on tones have strongly helped. The SNB have been handed a moment of relief from the market, just as they were getting angsty with the strength of the CHF. However, global risks remain. For now remember that recent lows around 1.05 is the angst level (soft floor? for the EURCHF)
