The Swiss franc traded close to last week's highs against the European single currency and the US dollar in early trade on Monday, ahead of Swiss jobless numbers later in the session.
The employment numbers could show that the recovery in the Swiss economy is filtering through to the jobs market and is shortening dole queues. Recent hawkish comments from SNB officials fanned expectations for continued interest rate hikes this year.
On Friday, SNB Vice Chairman Niklaus Blattner said the bank would continue to raise interest rates to stem future inflation as an economic pickup gathers pace.
On Monday, the franc traded at 1.5599 per euro, virtually unchanged on the day. It was also little changed against the dollar, changing hands at 1.2252, still flirting with the previous day's 8-month high of 1.2247.
"In the case of an SNB that simply mirrors any ECB tightening move, a further appreciation of the Swiss franc versus the euro is becoming increasingly difficult," UBS said in its daily note.
"Once investors perceive the franc to be merely an expansive euro, the euro/franc rate is unlikely to move decidedly lower from here," the bank added.
Traders will also keep an eye on April consumer sentiment, scheduled for release on Thursday.
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