The Swiss franc was little moved on Monday, not far off a seven-week peak hit versus the dollar last week, as investors awaited a flurry of upcoming economic events around the world. The franc fell 0.1 percent against the dollar to trade at 0.9600 by 0536 GMT compared to Friday's New York close. The franc was unchanged against the euro at 1.2009.
News out of the eurozone and the United States has been a key driver of trading in the franc since the Swiss National Bank set a cap of 1.20 per euro on it last September 6. The franc had shot up nearly 20 percent against the euro within the space of just a few months, threatening to tip-Switzerland into a recession. One of the main diary entries this week is US Federal Reserve Chairman Ben Bernanke's speech at an annual symposium in Jackson Hole, Wyoming later this week. The euro may see support ahead of this event, though it may struggle to break above a recent seven-week high in the near term, analysts said.
Expectations that the European Central Bank will soon take action to bring down bond yields have also helped bolster the euro. "Economics and policy remain the two main drivers for markets," Herve Goulletquer at Credit Agricole said. "Bernanke should take the opportunity of his presentation during the Jackson Hole symposium, on Friday next week, to explain the policy response of the Fed," he said.
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