ET:Swiss franc lower as euro zone and U.S outlooks improve
ZURICH: The Swiss franc ticked lower against the dollar on Monday, pulling back from a nine-month high hit during the Friday session after a raft of U.S. macro data pointed to improvements in the world's largest economy.
The franc was also slightly lower against the Euro, with a sunnier outlook for the Euro zone putting a floor under the single currency.
The trading range of the Swiss currency has broadened of late, having tracked the Euro against other major currencies for more than a year after the Swiss National Bank slapped a 1.20 per Euro cap on it in Sept 2011 to stave off a recession.
"The main Swiss franc crosses, the euro-franc and dollar-franc, see increased volatility for now," said UBS economist Reto Huenerwadel in a note.
"The latest FX trading pattern has been confirmed whereby trading in European hours tends to lead to a stronger CHF, not least on back of European (including Swiss) investors only to be reversed later in the day."
The franc fell 0.1 percent against the dollar compared to Friday's New York close to trade at 0.9088 francs per dollar by 0759 GMT.
The franc was 0.1 percent weaker against the Euro at 1.2391 francs per Euro.