The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.0825 level and was supported around the CHF 1.0695 level. Swiss National Bank is said to have intervened again by buying euro and selling Swiss franc over EBS, just as they reported did one week ago. Data released in Switzerland this week saw January consumer price inflation decline 0.1% m/m and climb 1% y/y, a faster-than-expected acceleration. Swiss National Bank member Jordan this week indicated it is premature to raise interest rates from their near zero per cent level. Jordan also reported the SNB will continue to prevent an “excessive” appreciate of the Swiss franc, adding the franc is seen as a “safe haven.” U.S. dollar offers are cited around the CHF 1.0810 level. The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.4635 level while the British pound appreciated vis-à-vis the Swiss franc and tested offers around the CHF 1.6950 level.
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