Nomura - "On this first birthday of the SNB EUR/CHF floor,... we conclude that as inflation risks and balance-sheet losses from the policy are still limited, and as the policy is deemed efficient by the SNB, the EUR/CHF floor is likely to stay for the foreseeable future. Nor is the level of the floor likely to change in our view. But the SNB faces challenges related to its CHF policy. One of these challenges is the currency risk it is taking on by purchasing euros. Lately it has not diversified all the accumulated euros, and we believe that it will attempt to diversify its currency basket more in the coming quarters. This should put continued pressure on certain EUR crosses..."