ET:Swiss franc idles against dollar, euro before economic data
ZURICH: The Swiss franc was virtually unchanged against the dollar and the euro on Monday, after data from China came in as expected and markets awaited testimony from US Federal Reserve Chairman Ben Bernanke later this week.
China's second-quarter economic growth matched market expectations, easing worries that the world's second-largest economy could be slowing faster than expected.
Bernanke will deliver a semi-annual monetary policy testimony before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday.
Much of the market is bullish on the dollar over the long-term, because the US Federal Reserve is seen as likely to be the first among major central banks to step away from ultra-loose monetary policy.
"Price action on forex markets appears largely a function of a consolidating dollar/franc into the end of the week," said Reto Huenerwadel at UBS.
Closer to home, currency dealers are awaiting Swiss producer price data at 0715GMT on Monday, and Swiss trade data later this week.
The franc was flat against the dollar to trade at 0.9464 by 0627 GMT compared to the New York close.
