ZURICH: The Swiss franc strengthened slightly on Tuesday against the dollar, with upcoming US retail sales data and the Swiss National Bank in focus. "I expect little movement ahead of US retail sales later today or the SNB tomorrow," Bank Sarasin strategist Alessandro Bee said. The Swiss National Bank holds its quarterly rates session on Thursday, at which it is expected to keep defending the lid it set on the franc of 1.20 per euro. A Reuters poll showed economists expect the SNB to maintain the ceiling at least through 2013 and probably well into 2014. Meanwhile, the euro was range-bound against the dollar as currency dealers awaited the outcome of government bond sales in Italy and Spain today and Thursday for fresh cues. Italy will offer three-year and 15-year bonds at an auction later on Wednesday, while Spain plans to sell bonds due 2029, 2040 and 2041 at a special, off-calendar auction on Thursday. Traders said any signs of funding stress in the euro zone's third and fourth largest economies will no doubt weigh on the common currency, in turn buoying the franc. The franc rose 0.2 per cent against the dollar compared to the New York close to trade at 0.9450 by 0743 GMT. The franc was virtually unchanged against the euro.

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