The Swiss franc appreciated marginally vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0135 level and was capped around the CHF 1.0225 level. Technically, today’s intraday low was right around the 50% retracement of the move from CHF 0.9645 to CHF 1.0625. Data released in Switzerland today saw the June PMI survey receded to a three-year low around 54.9, down from 55.7 in May. Some traders believe Swiss National Bank will be forced to tighten monetary policy this year because inflation stands at 2.9%, above the 2.0% target rate. U.S. dollar bids are cited around the CHF 1.0020 level. The euro and British pound came off vis-à-vis the Swiss franc as the crosses tested bids around the CHF 1.6015 and CHF 2.0235 levels, respectively.
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