The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.0435 level and was capped around the CHF 1.0610 level. Swiss National Bank is said to have intervened in the market today by selling Swiss francs in what is estimated to have been a massive operation. Swiss monetary, financial, and government officials have been warning that they will not tolerate a further increase in the franc in recent weeks but many traders speculated the central bank would not intervene to weaken the franc. Data released in Switzerland today saw the March PMI manufacturing survey improve to 65.5 from the prior reading of 57.4. U.S. dollar offers are cited around the CHF 1.1180 level. The euro moved higher vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.4410 level while the British pound moved higher vis-à-vis the Swiss franc and tested offers around the CHF 1.6215 level.
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