Swiss unemployment rate steady, foreign currency reserves decline in October

The unemployment rate in Switzerland remained unchanged, the latest data from the State Secretariat for Economic Affairs revealed. The jobless rate was at 3.2% on month, staying at this level for seventeen month in a row.  In the meantime, a separate report showed retail sales in the Alpine country declined more than expected last month. According to the Federal Statistics Bureau, retail sales dropped to a seasonally adjusted annual rate of 0.3% in October, following the 1.4% reading in the previous month, against economists' predictions for a 2.2% increase. The Swiss National Bank's foreign exchange reserves declined in October, as the central bank held 460.427 billion Swiss francs in foreign currency at the end of the reported month. In September, however, the SNB had 462.117 billion francs, revised from a previously reported 462.194 billion francs. The SNB capped the strengthening nation's currency in September 2011 to help prevent recession and the threat of deflation and was forced to intervene heavily in 2012 as the Euro zone crisis fuelled, swelling its already large foreign currency reserves. the EUR/CHF pair is approaching the central bank's floor rate. In its September policy statement, the SNB said that it "will continue to enforce the minimum exchange rate with the utmost determination. For this purpose, it is prepared to purchase foreign currency in unlimited quantities. If necessary, it will take further measures immediately."