USD/CHF continues to work lower with some talking of short-term accounts looking to book profits on intraday shorts on any break into the 1.2150's. 1.2160 marks the current session and intraday low with EUR/CHF consolidating the break under 1.6350. Should the cross look to work back towards 1.6335 then expect stabs at 1.2150 support to prompt such profit-taking.
Elsewhere, the Fed's Mishkin notes that "unforeseen economic shocks can force a temporary trade off between employment and inflation". Dealers have given his speech mixed reviews but most lean towards the "nothing new" camp after the comment that the Fed had effectively anchored US inflation by taking "policy actions that have kept price rises low and stable".
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