is this a sign that the SNB gave the frank some space for free Maneuvering?
Swiss forex reserves dip for first time in 8 months
Switzerland's foreign exchange reserves fell for the first time in eight months in October and price pressures were low, giving its central bank more ammunition to extend its cap on the franc. The Swiss National Bank held 424.38 billion Swiss francs ($449.70 billion) compared with 429.48 billion in September, according to data published on Thursday. The reserves declined for the first time since February, trimming the central bank's currency holdings to the equivalent of 72 percent of gross domestic product. The SNB set a 1.20 per euro cap on a strengthening franc in September 2011 to forestall deflation and a ... (full story)