31 August 2004, 10:03  Swiss franc gains as jobs nerves rattles dollar

The Swiss franc gained against the dollar in early European trade on Tuesday as nervousness ahead of U.S. August payrolls eroded gains the greenback made after upbeat consumer spending data. On Monday, the dollar got a temporary boost from stronger-than-expected U.S. personal spending numbers for July, but gains were short-lived as jobs came back into the foreground. The dollar fell to 1.2744/50 francs, compared with 1.2789/94 European trading late on Monday. The euro last changed hands at 1.5405/10 francs, compared to around 1.5402/07. Locally, August data on consumer prices and from purchasing managers on Wednesday will be watched for pointers on what the Swiss National Bank will do at its quarterly policy setting meeting on September 16. The SNB is expected to continue to gradually raise interest rates as the Swiss economy recovers from a double-dip recession.///

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