Given the uncertainty around Omicron, and the revealed preference of the SNB in recent weeks to largely stay out of the FX market, we would not be surprised to see the Swiss franc rise further against the euro in the near term. But any upside is limited, and the balance of risks is tilted towards depreciation in 2022.
In view of the wider interest, we are also sending this Nordic and Swiss Economics Update to clients of our FX Market Service.
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