The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0235 level and was capped around the CHF 1.0290 level. Swiss National Bank President Hildebrand reported he will resolutely prevent an excessive strengthening of the franc. He also said SNB must carefully and gradually normalize its monetary policy. Data released in Switzerland last week saw December producer price inflation up 0.1% m/m and decline 2.5% y/y. The OECD today called on Switzerland to keep interest rates unchanged until the economic recovery takes hold. U.S. dollar offers are cited around the CHF 1.0420 level. The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.4735 level while the British pound gained ground vis-à-vis the Swiss franc and tested offers around the CHF 1.6790 level.