We have already seen some consolidation of the franc after a fairly rapid reversal of growth against the euro in two months before the beginning of November. Probably, it was not so bad in the context of criticism SNB. Nevertheless, this should not detract from the risks that we see a broader perspective. This growth in demand for "safe haven" in the run-up to the end of the year, as well as the growth rates of the crisis in the peripheral countries of the eurozone, which shifts the spotlight. We are already seeing signs that the reserve managers tend to go towards the euro, because the costs to monitor this trend in the coming weeks, given that such a shift will be positive for the Swiss franc. At present, the seventh consecutive session Swiss loses the dollar, which continues to grow. These manufacturers and import data were more sluggish than expected. Growth on an annualized basis was 0.3% for the second consecutive month.
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