positioning looks light, with the IMM report
13
showing speculators net long francs. Our CORAX
report suggests that corporates have been heavily 11%
buying CHF into the end of last ... into direct investment
MNb ererateren toltletly, • GOP
6% 0.9 aeat/ect•mtvt.r.: 4410.0e. • cor
CORAX Corporates CHF (12 month) ervire I<COV4. 0.0<<Cit. • 0LP
'0% oaf a.: botirc•
EURCHE