7 July 2004, 09:55  Swiss franc slightly firmer against dollar

The Swiss franc firmed slightly against the dollar in early trade on Wednesday with the U.S. currency coming under pressure from subdued U.S. economic data. The dollar changed hands at 1.2324/29 francs compared with 1.2355/60 late on Tuesday in Europe, while the euro was trading sideways at 1.5182/97 francs after 1.5174/79. The dollar was pushed lower in the previous session after a weaker-than-expected U.S. service sector report curbed expectations for higher U.S interest rates and clouded the outlook for a recovery. The Institute for Supply Management non-manufacturing index reported a 59.9 reading for June compared with 65.2 in May. Economists were expecting the index to come in at 63.0. Swiss dealers were looking ahead to the jobs market data for June due on Thursday for indications that the recovery was beginning to pick up further slack in the Swiss economy. Economists polled by expected the jobless rate to fall on seasonal hiring to 3.7 percent from 3.8 percent in May.///

© 1999-2024 Forex EuroClub
All rights reserved