The Swiss franc depreciated vis-à-vis the U.S. dollar today as the greenback tested offers around the CHF 1.0690 level and was supported around the CHF 1.0615 level. Data released in Switzerland last week saw March producer and import prices climb 0.5% m/m and 0.0% y/y. Swiss National Bank Vice Chairman Jordan last week said regulators cannot allow governments to be blackmailed into protecting banks from collapse during future financial crises. There was talk yesterday that the Swiss National Bank may have sold francs for euro this week in an intervention to try and support the Swiss export sector. U.S. dollar offers are cited around the CHF 1.0920 level. The euro moved lower vis-à-vis the Swiss franc as the single currency tested bids around the CHF 1.4360 level while the British pound moved lower vis-à-vis the Swiss franc and tested bids around the CHF 1.6205 level.
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