LONDON: The Swiss franc hit a two-week high against the euro on Thursday after data showed Switzerland's foreign exchange reserves fell in April, suggesting it may have held off on buying significant amounts of euros to weaken the Swiss franc.
The Swiss National Bank held 521.888 billion Swiss francs in foreign currency at the end of April, preliminary data from the International Monetary Fund showed, slightly lower than the 522.399 billion recorded in March.
The Swiss franc gained 0.8 percent against the euro in morning trade in Europe to reach 1.0305 francs, its highest since April 22.
Against the dollar, the franc hit a three-month peak of 0.9072 francs.
In a note to clients, Swiss banking giant UBS said the numbers had been skewed by the Swiss franc's appreciation in March, and that when that was taken into consideration, the data actually showed a net increase of some 7 billion francs.
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