🔝🔺CHF Favoured By Macro Funds

**5-Year Swap Spreads Historic Data Found at Macro Walk Report, Subscribe at cablefxm.co.uk/reports

• The spread between euro and Swiss five-year swaps has fell 9bps since early November (now at -0.145), the EUR/CHF has followed through with the spot trading at fresh YTD lows on Friday, below 1.04

• A recent note from Nordea Markets highlighted interest rates moving in favour of the Swiss franc. Nordea says CHF is amongst the preferred currencies by macro funds, they don't see the SNB stepping up FX intervention as long as EUR/CHF stays above parity