The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.0480 level and was supported around the CHF 1.0385 level.  Swiss National Bank released its quarterly report today and said it would be premature to begin raising borrowing costs, noting there are downside risks to the inflation outlook.  Trying to provide a balanced outlook, however, SNB reported expansionary monetary policy cannot be maintained indefinitely. On 10 December, SNB voted to keep its benchmark rate unchanged at 0.25% and noted it will end its corporate bond purchases as a first step to withdraw its emergency measures.  Today, SNB reported it will continue to act decisively to prevent any excessive appreciation.  There are ongoing market rumours the central bank is conducting franc-selling appreciation.  U.S. dollar offers are cited around the CHF 1.0615 level.  The euro came off vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.4875 level while the British pound depreciated vis-à-vis the Swiss franc and tested bids around the CHF 1.6720 level.