LONDON, May 5 (Reuters) - The Swiss franc weakened more than
half a percent against the U.S. dollar on Tuesday after a German
constitutional court ruled that the Bundesbank must stop buying
government bonds if the European Central Bank cannot prove those
purchases are needed.
The verdict sent the euro reeling across the board with the
single currency EUR=EBS falling by 0.7% against the U.S.
dollar and 0.6% versus the Japanese yen EURJPY=EBS .
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Against the Swiss franc, however EURCHF=EBS , the euro
barely budged, with traders reporting a pick-up in intervention
by the Swiss National Bank, the country's central bank.
Sight deposits at the SNB have grown rapidly in recent weeks
as authorities have stepped up their intervention measures
around the 1.05 francs per euro levels. Traders said some of the intervention was also routed via
U.S. dollars with the franc weakening to $0.87075 versus the
greenback CHF=EBS .