The Swiss franc firmed against the US dollar in early trade on Thursday after the US Federal Reserve reiterated the US economic outlook was healthy but gave no clear hint by how much the Fed would raise interest rates. The dollar had been rising prior to Fed Chairman Alan Greenspan's testimony to Congress on Wednesday and hit a multi-month high against the franc on Tuesday on expectations of continued rises in US interest rates.
The greenback gave up some of those gains in early trade on Thursday as dealers realised that despite Greenspan's upbeat comments about the US economy he offered little fresh insight into future monetary policy.
The dollar last traded at 1.2834/41 Swiss francs, compared with levels just under 1.30 francs reached in late trading in Europe on Wednesday.
The euro was trading at 1.5609/22 francs compared with levels around 1.5620.
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