The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.1250 level and was capped around the CHF 1.1310 level. Data released in Switzerland today saw November PMI improve to 63.4 from 60.7 in December. Credit Suisse reported Swiss inflation should remain below 2% despite Friday’s data that saw CPI up 1.8% y/y in November, the sharpest increase since May 2001. Some traders believe SNB will tighten monetary policy further on 13 December. SNB reported it will continue to supply money markets with generous liquidity to reduce liquidity constraints. Dollar offers are cited around the CHF 1.1390 level. The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.6510 level while the British pound gained ground vis-à-vis the Swiss franc and tested offers around the CHF 2.3340 level.