ING strategist Chris Turner says the Swiss franc has recently strengthened versus the euro but further gains are likely limited because market expectations for ECB tightening are unlikely to be pared back materially. The franc's move was mainly driven by concerns over French sovereign debt that cut market expectations for ECB tightening. "It is unclear whether short-term euro rates need to fall further materially, unless energy prices decline significantly," Turner wrote. Euro-area inflation rem

ING strategist Chris Turner says the Swiss franc has recently strengthened versus the euro but further gains are likely limited because market expectations for ECB tightening are unlikely to be pared back materially. The franc's move was mainly driven by concerns over French sovereign debt that cut market expectations for ECB tightening. "It is unclear whether short-term euro rates need to fall further materially, unless energy prices decline significantly," Turner wrote. Euro-area inflation remains elevated, he added, giving the ECB scope to tighten policy further.