Jobless rate in Switzerland inched up from 2.9% in September to 3% in October on seasonally adjusted basis, the State Secretariat for Economic Affairs said. The figure appeared to be in line with forecast of economists. There were 125,536 registered jobless people in Switzerland in October, increasing 4.3% from 120,347 in the month earlier.
"What the October data on the SNB's FX reserves do signal, however, is situation whereby the SNB finds it materially easier to prevent EURCHF from moving below the 1.20 lower boundary compared to the summer months," said Reto Hunerwadel, UBS Economist.