Governor Bollard from the RBNZ stated last night that they do not anticipate ‘hiking interest rates until mid-year’. With the SNB this morning, the market will be focusing on their policy on FX intervention in EUR/CHF. Economic indications and inflation forecasts ‘did not require’ the sort of intervention that surprised and upset the markets last year. There is no doubt it, Hillenbrand ‘does not want to see a strong CHF’.