The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.0350 level and was supported around the CHF 1.0225 level. Swiss National Bank President Hildebrand yesterday 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 higher vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.4780 level while the British pound gained ground vis-à-vis the Swiss franc and tested offers around the CHF 1.6915 level.