Franc falls further; kNOcKing on the door of SEK parity

The further fall in the Swiss franc this week will have caused smiles all around at the SNB, and the stage looks set for the currency to ease lower this year. The major event next week will be the ECB policy announcement on Thursday. Given that Swiss and Swedish government bond yields tend to move in line with Bunds, any clarification on how euro-zone policymakers will react to the recent tick-up in yields will set the tone elsewhere.