The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0675 level and was capped around the CHF 1.0740 level. The KOF Institute's March economic forecast will be released tomorrow. Swiss President Leuthard said the franc is at a quite crucial level and said it is up to the Swiss National Bank to decide whether to intervene. Swiss National Bank Vice Chairman Jordan reiterated yesterday the central bank will work to prevent excessive franc appreciation. Swiss National Bank President Hildebrand yesterday reported the central bank will decisively act against excessive franc strength, noting the central bank can intervene to a very large extent. Swiss National Bank on Monday published its quarterly economic report today and noted it will continue to act decisively to prevent an excessive appreciation of the franc. U.S. dollar offers are cited around the CHF 1.1180 level. The euro came off vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.4250 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.6040 level.
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