24 February 2004, 10:05  Swiss franc eases vs dollar, unchanged vs euro

ZURICH, Feb 24 - The Swiss franc opened easier against the dollar on Tuesday as the market consolidated after the dollar's rebound this week to one-month highs against the Swiss currency. Dealers said the jury was still out on whether the dollar had actually hit bottom amid expectations of higher U.S. interest rates or whether the rally was just a temporary blip amid its steady slide. Swiss trade data for January due at 0715 GMT will give more clues on the export-dependent economy's recovery fom a double-dip recession, but few traders expect the Swiss National Bank (SNB) to start nudging its key rate target higher soon. The dollar edged up to 1.2585/90 francs from 1.2552/57 francs late on Monday in Europe while the euro idled at 1.5773/77 francs versus 1.5778/83. In its daily markets bulletin, UBS said the euro was treading water against the franc after failing to break through important technical resistance at 1.58. "Apart from any -- rather unlikely -- SNB surprises, it comes down to technical factors, or possibly a huge dollar move to bring life back to this currency pair," it said.///

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