The Swiss franc was trading lower against the dollar in early European trade on Monday as the US currency held gains made on robust US growth data and market players awaited a meeting of the US central bank on Tuesday.
The dollar last traded at 1.2808/11 Swiss francs, up from 1.2760/63 in late trading in Europe on Friday. The euro stood at 1.5452/57 francs, little changed from 1.5444/49 francs on Friday.
The dollar advanced late on Friday after data showed that the US economy grew at a better-than-expected rate of 3.8 percent in the third quarter, supporting expectations that the Fed will keep raising interest rates.
The Federal Open Market Committee is widely expected to raise its key rate to 4 percent on Tuesday from the current 3.75 percent.
On Friday, data showed Switzerland's KOF leading economic indicator rose more than expected in October and the government raised its growth outlook, increasing the chances of a speedy interest rate hike by the Swiss National Bank.
The Swiss National Bank has given strong signals it will resume its tightening cycle as a spate of recent data point to recovery in Switzerland's $355 billion economy, with markets now eyeing December as the most likely timing of a next hike.
Comments
Comments are closed.