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10 Apr 2025

EUR/CHF falls below 0.93 amid market turmoil – ING

Elsewhere, the Norwegian krone is having a good rally today, ING’s FX analyst Chris Turner notes.

Norwegian Krone gains as inflation persists

"It had been hit hard on the global trade/lower oil/poorer liquidity story. Additionally, this morning has seen another sticky core inflation release for March, where underlying inflation remains at 3.4% YoY. This may continue to delay the next Norges Bank rate cut."

"At the height of yesterday's market dislocation, we also saw EUR/CHF trading sub 0.93 again. One of many possible angles here is that the Swiss National Bank's hands may be tied when it comes to its traditional FX buying operations."

"Sustained FX buying from the SNB could see Switzerland formally named a currency manipulator and be given a top-up to its initial 31% reciprocal US tariff. This may only embolden investors to buy CHF in risk-off episodes – thinking the SNB bid in EUR/CHF will not be as solid as it once was."

Apr 10, 2025

Oil: Tariff pause provides some relief – ING

Oil prices rallied along with risk assets yesterday after President Trump paused reciprocal tariffs on most trading partners, at least those that haven’t retaliated yet. This puts tariffs back to the baseline 10%, ING’s commodity analysts Warren Patterson and Ewa Manthey note.
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Apr 10, 2025

Greece Industrial Production (YoY): -0.1% (February) vs previous 2%

Greece Industrial Production (YoY): -0.1% (February) vs previous 2%
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