Markets are taking a negative view on the euro, says John Hardy. But whether it is anticipation ahead of the ECB’s meeting this week or the aftermath from the SNB’ move last week that is pulling the euro down is hard to tell.

Saxo Bank’s Head of FX Strategy, John Hardy expects markets to remain nervous as they await Thursday’s European Central Bank meeting, when the governing council is expected to decide and announce large-scale QE to boost the Eurozone economy. 

Looking elsewhere for opportunities, the EURCHF pair remains in focus with investors and seems to have carved out a range between parity and 102-102.50. Also in focus is USDCHF, where long-term there is the possibility of a rally. And finally, data out tonight in New Zealand may cause some volatility around the Kiwi.