Swiss data was overlooked intraday (both robust retail sales and the January ZEW rebound) as renewed Franc shorting pushed the unit lower across the board. Cross selling, to fund fresh carry trades, weighed on USD/CHF and 1.2480 & 1.2500 offers were quickly absorbed.
1.2524 printed as the stops above 1.2515 were triggered and the current range-top at 1.2525/30 is now in sight on stabs higher. On the crosses EUR/CHF traded at levels not seen since Jan-99 as 1.6201 printed while GBP/CHF also hit fresh 5-year highs at 2.4694. Option barriers in EUR/CHF are now eyed at 1.6225 & 1.6250. Looking ahead, a busy North American session is once more expected. This kicks off with the 13:00 GMT Pianalto comments, however, it is the 13:30 GMT December US CPI data that is most eagerly anticipated.
Economists expect a +0.4% M/M headline against the previous flat reading. Core inflation is forecast up 0.2%. Also set for release at 13:30 GMT are the December US Housing Start & Real Earning numbers. Following this the European close will be manipulated by the tone undertaken in the 15:00 GMT Bernanke testimony.
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