The Swiss franc gained marginal ground vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0115 level and was capped around the CHF 1.0155 level. Data released in Switzerland today saw the October ZEW survey improve to a record +65 from +58 in September. Data released early in the week saw September producer and import prices decline 4.9% y/y. Swiss National Bank continues to cite a risk of deflation in the Swiss economy. U.S. dollar offers are cited around the CHF 1.0320 level. The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.5125 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.6535 level.
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