ZURICH, Nov 21 - The Swiss franc eased on the dollar and the euro in early Wednesday trade, with the market focus on German Ifo economic data [ECI-DE] amid forecasts that the euro zone economy was bottoming out, dealers said.
At 0805 GMT, the dollar was at 1.6549/55 francs, up from 1.6473/78 late on Tuesday, but near Tuesday's early 1.6528/34. It remained below the 1.6621/27 seen late on Monday.
The euro was firmer at 1.4577/82 francs after 1.4558/63 late on Tuesday.
Dealers said they expected trade to be quiet ahead of the Thanksgiving market holiday in the United States on Thursday.
The market continued to fret over the direction of Swiss interest rates, which is seen closely tied to the course of the franc, which some dealers say it still is relatively strong versus the euro, dampening Swiss economic growth.
While some in the market say expectations of near-term recoveries in the economies of the United States and the euro zone might cause the Swiss National Bank [SNB] to hold off on further rate cuts, others pointed to a worsening job market.
The euro fell to its lowest point in almost two months this week, but some traders have tied demand for francs mainly to a re-assessment of investment portfolios before ledgers are being closed for the end of of the year.
Securities traders have found their way back to franc holdings after a dip earlier in the year, they say, which points to a "re-balancing" of the market rather than actual fresh demand or speculative or safe-haven buying of francs.
Demand for francs has also been seen from Swiss banks as they sought to refinance themselves cheaply through the comparatively low Swiss interest rates. With the franc getting near its all-time high against the euro, the SNB was expected to step in if the euro fell to or below 1.45 francs, a level seen as harmful to Swiss exports.
Analysts said the market's focus was again on whether the SNB would cut rates on or before December 7, when it is due to publish its regular quarterly monetary policy statement.