From: Jeffrey M Matusow
To: "JeffreyEpsteinin>
Subject: CHF
Date: Fri, 17 Sep 2010 13:27:11 +0000
Attachments: sg2010091733529.gif; sg2010091733506.gif
I attached charts of EUR/CHF and USD/CHF. EUR/CHF has rallied from 1.2825 to 1.32 over the
past week on lower inflation and rates expectations in Switzerland. We are bullish the CHF
and are targeting 1.25 for a few reasons:
- CHF as a safe haven
- the SNB revised their 1H growth estimate up from 2 to 2.5%
- while we don't expect any rate hikes soon, we expect the SNB will hike well before the ECB
We like the CHF vs the USD also, but don't think this is as attractive an entry level. CHF
has only sold off by 1.4%, while it is almost 3% weaker vs EUR.
I want to go long CHF vs EUR via a forward and by selling CHF puts.
Let me know.
Jeff
Jeffrey M. Matusow
JPMorgan Private Bank I 40 West 57th Street, 33rd Floor, New York, NY 10019
Work: 212.622.7053 I Fax: 212.310.0108 I Email:
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