• EUR/CHF up over 3% from December’s lows.
• ECB President Lagarde looks ahead to growth rebound.
• Swiss Franc is broadly weaker across the majors market.

EUR/CHF knocked into fresh multi-month highs on Monday as the pair steps into a ten-week peak above 0.9550. The Swiss Franc (CHF) has depreciated notably against the majority of its major currency peers in 2024, and is down 2.88% YTD against the Euro (EUR).

European Central Bank (ECB) President Christine Lagarde hit the newswires on Monday while speaking about the ECB’s latest Annual Report in Strasbourg. The ECB head noted that the ECB expects inflation to continue slowing as the upward momentum from past shocks fade. It has been almost three straight years since the start of inflation the ECB initially called ‘transitory’. European inflation is not projected to decline below the ECB’s upper target of 2% until sometime in 2025.

ECB President Lagarde: Restrictive policy stance acts as a safeguard against wage-price spiral

Germany’s Gfk Consumer Confidence Survey for March is due early Tuesday and is forecast to improve slightly, expected to print at -29.0 versus the previous -29.7. Switzerland’s ZEW Survey of Expectations for February is due Wednesday, which last printed at -19.5. Thursday brings both German Retail Sales for January and Switzerland’s fourth quarter Gross Domestic Product (GDP) print, which is forecast to ease slightly to 0.2% QoQ compared to the previous quarter’s 0.3%.