The Swiss franc appreciated 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 1.0185 level. Data released in Switzerland today saw the October producer and import prices index decline 0.4% m/m and 4.7% y/y. Swiss National Bank directorate member Jordan said the economic slump was relatively modest and talked down the franc by saying the euro is the most important currency. Jordan added the SNB will continue to provide banks with necessary liquidity and said successful currency interventions stopped the franc's gains. SNB President Roth said global interest rate policy is not coordinated and said banks will have to dramatically cut rates. U.S. dollar offers are cited around the CHF 1.0220 level. The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.5090 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.6950 level.
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