Offers into the 1.2245/50 area have been reinforced by macro names in the wake of the KoF hitting 1.79 in February. Economists had expected the previous 1.71 headline to steady around 1.70, however, the previous number was revised to 1.74 and February continued this rich vein to rally back to just shy of 1.8.
As noted, in the wake of the UBS consumption data the topside was eyed in the index and some had looked for a reading in the 1.80's. USD/CHF looks slightly offered in the wake of the publication but bids in the 1.2220's are stalling any drop back towards the 1.2200 mark.
In other news, the Franc has today benefited from the news that the German State of Berlin is issue its first foreign currency bond this year. The Ministry has confirmed the issue will be in the CHF.
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