The CHF's Mardi Gras celebrations are devoid of any late indulgence, as its February losses have deepened due to the unexpected downturn in the Swiss CPI data. Credit Agricole longstanding warning about the CHF's robust start to 2024, coupled with the SNB's altered stance on FX interventions in December, has manifested in the currency's struggles. While a single CPI data point may not trigger an immediate shift to rate cuts by the SNB, the CHF could face further losses by the end of March. Swiss inflation, though remaining in the upper range of the SNB's target, and domestic interest rates not reaching restrictive ... (full story)