Risk aversion is high today and yet the Swiss franc is the worst-performing G10 currency.
That's the opposite of the way it usually works. Anytime that happens, all eyes shift to the Swiss National Bank. It would make sense if they're intervening in EUR/CHF as the pair came perilously close to parity at the turn of the year.
That could be the case but another spot to watch is the bond market. German 10-year bund yields hit -0.03% at the high today, which is a hiccup away from positive territory. It would be the first time above zero since mid-2019.
The reversion to positive yields in Germany could be inspiring flows into euros.
