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FXWire Pro Headline | February 8 2012 8:44 EST
Quotes from RBS:
-The CHF continues to remain expensive according to most of the long-term drivers, with the persistent and growing current account surplus providing one of the few justifications for current stretched valuations, in our view.
-Since the beginning of the current financial crisis, relative productivity has moved in favour of the CHF. Whilst there has been some pullback in the real TWI, it remains significantly above its long-term averages.
-With external demand now at a record high above trend, further growth looks unlikely. In fact, the combination of an uncompetitive exchange rate and shrinking balance sheets in the majority of European public and private sectors means that Swiss exports may struggle to see the same degree of demand.
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