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CHF continued to weaken against the...........>

SWISS
SWISS: CHF continued to weaken against the greenback Tuesday, re-approaching the
year's best levels of 1.0237. CHF has failed to benefit from the safe-haven bid
alongside the JPY and USD as volatility has picked up, with CHF/JPY hitting the
lowest levels since the January flash crash today. Traders have eyed this
morning's SNB numbers detailing that the SNB's FX reserves swelled to touch the
highest levels on record (around $757bln). The increase in FX reserves follows
the dividend-paying season in the US, with the SNB likely benefiting from the
payments made from their US equity holdings. 
-USD/CHF eyes firstly the YTD highs before any sustained move on the Chf1.02
level and the 2016 highs at Chf1.0344.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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