Political headlines and trade fears are dominating the headlines in today’s North American session, leading to a slight risk-off tone despite a positive open for risk assets. As a result, we’ve seen the US dollar, Japanese yen, and Swiss franc ascend to become the strongest major currencies on the day after bringing up the rear through the first four days of the trading week. One of the more interesting pairs to watch in the coming week will be USD/CHF, which we highlighted as vulnerable to a positioning-driven reversal two weeks ago (see “USD/CHF: Crowded Longs Scrambling to Abandon Ship?” for more). Rates have ... (full story)