=> For those following the telegram we have been going through a great live example of this trade in how to scale into positions
=> EURCHF has remains stable despite the BTP-Bund spreads widening which is surprising to say the least. It implies that those in Switzerland likely hold large hedge ratios on foreign investments
=> Italy will correct itself soon and as a result a rally in BTPs will carry EURCHF as collateral.
=> We don't see the SNB signalling higher policy or any further populist uncertainty in the EZ
=> GL and well done all those on the buy side from September