💱🔺Franc Remains Most Overvalued REER Despite Last Week's Decline: Cable FX Macro
- Rosbel Durán
- Sep 26, 2023
- 1 min read
**As seen in Macro Walk report 09/22/23, subscribe at cablefxm.co.uk/reports
The Swiss franc saw a sharp drop on Thursday as the SNB surprised expectations of a rate hike and left policy unchanged at 1.75%. Losses were extended on Friday and took the USD/CHF rate above 0.9000
The desk at UBS noted the 0.900 level as a point for CTA strategies to turn short CHF. Trend following strategies have been net long franc for every month this year
Despite the declines, our REER valuation section in the Macro Walk report shows the CHF as the most overvalued currency in the group. The franc's losses could be continued over the next couple of weeks
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