Rabobank analyst Jane Foley said the Swiss franc could replace the yen as the
preferred funding currency in carry trades if the BOJ signals faster policy
tightening on Friday. With Swiss rates low, markets may pivot to CHF, but its
entrenched safe-haven status could deter some investors because CHF could jump
sharply if risk aversion rises. Rabobank sees EUR/CHF at 0.95 within three
months and does not expect a strong euro rally next year given euro-area
political risks.