Re: nincs cím

UBS

EUR, CHF: EU's Rehn wants decision on Greece this week EU Economic and Monetary Affairs Commissioner Rehn said that failure to decide on an aid package for Greece could cause "serious disruption" to the euro, and insisted that a decision must be taken this week. Meanwhile, citing unnamed sources, the wires reported that German Chancellor Merkel said there will be no decision on an aid package for Greece at the upcoming two-day EU summit. President of the EU Council Von Rompuy is seeking to arrange a pre-summit meeting of Eurozone leaders to discuss a solution to the Greek debt crisis ahead of the actual summit. There was further good news on the ratings front for Greece, as Fitch announced that Greece's BBB+ sovereign rating could remain in place for the rest of the year so long as markets remain willing to lend at current rates. The agency added that any failure to announce an aid deal at the upcoming summit would not trigger a downgrade provided the option of an IMF-based solution remains on the table. SNB Chairman Hildebrand repeated the message that the SNB has means to fight excessive franc appreciation, and that they can buy very large quantities of foreign currency if needed. Nevertheless, EURCHF fell to a record low. We see scope for further downside and our 1m and 3m EURCHF forecasts remain at 1.42 and 1.40 respectively.

SAXO

EURCHF vol also remain firm in tandem with EURUSD, however on a personal note, I wouldn’t go short here anymore. Not that I see it much higher from here but I reckon the SNB is at unease with the speed of the down move. However you will find sellers lined up on any correction.