6 August 2003, 10:20  Swiss franc firms versus dollar, flat vs euro

ZURICH, Aug 6 - The Swiss franc firmed against the dollar in early European trading on Wednesday with the greenback hurt by a poor Treasury auction and a weaker Wall Street amid concerns about the U.S. economy's turnaround prospects. The dollar softed too 1.3461/64 francs from 1.3513/23 francs in late Tuesday trading. The euro last changed hands at 1.5346/48 francs versus 1.5331/36 late on Tuesday. UBS said in its daily note the euro/franc was currently at an important crossroads particularly in the event of a breach of a the 1.5310 level. "While we can not see any fundamental factor driving euro/franc below this important support level on Wednesday, the possibility for positive Swiss economic surprises later in the week - we concentrate on the labour market data on Friday - could just trigger such a move!" it said.

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