EURCHF movement and SNB's quiet stance
Watching $EURCHF lately, the move towards 0.936 has been interesting. It's been a slow grind up from the lows. What's catching my eye isn't so much the daily range, which has been fairly contained between, say, 0.9348 and 0.9365, but the quiet from the SNB. With the Eurozone still grappling with inflation, and the ECB's own messaging a bit hawkish, you'd think the SNB might feel some pressure to lean one way or another.
It makes me wonder if their recent interventions have achieved the desired stability for now, or if they're simply biding their time. I'm keeping it on my watchlist for any shifts in their rhetoric, as a sudden change could really add volatility here. For now, it feels like a market searching for direction, largely influenced by the perceived divergence in monetary policy paths between the ECB and SNB.
The SNB is probably just enjoying the quiet before the inevitable 'Swiss Franc is too strong/weak' comments start rolling in again. They get very creative with their definitions of 'significant overvaluation'.