(Action Economics) - 02-May-12 10:32 - EUR-CHF chopped around after a slump in Swiss April manufacturing PMI, but settled net unchanged at 1.2015.

It briefly tested offers at 1.2020 after the very poor number, but could not overcome the weight of speculative sellers, leaving it close to the SNB's lower limit at 1.2000, which has been the case now for nearly a month.

USD-CHF experienced a short squeeze through buy stops at 0.9110 to trade around 0.9125, which compared with European opening levels around 0.9085 and yesterday's base at 0.9043 as the dollar bid steepened.

Yesterday's U.S. ISM number was a supportive lead, while today's weak European PMI numbers reinforced a flight to quality bid.

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