That's a surprise
Good news on Brexit and a positive risk trade hasn't panned out the way you would expect in the currency market. Emerging market currencies are having a hey day and the US dollar is getting beaten up but that the top of the developed market ladder is the Swiss franc.
It's partly a technical story as the weekly chart shows the big red candle and break of 0.9000.
I have a tough time making sense of this move unless it's related to year-end flows or otherwise. There's also a bit of event risk with the US Treasury still slated to offer up its manipulation report.
This is definitely a pain trade though as there was some talk of a bounce from 0.90 on higher US yields and less risk aversion. Instead, it's turning into an all-out run on the dollar.
