The Swiss franc eased against the euro in early trade on Friday after the European Central Bank defied calls for an interest rate cut on Thursday, saying risks to economic recovery from a soaring euro were limited.
The euro rose to 1.5671/76 francs, compared to levels around 1.5656 late on Thursday in Europe. The dollar was trading at 1.2303/06 francs, little changed from around 1.2300 on Thursday.
ECB President Jean-Claude Trichet acknowledged on Thursday that the euro's recent rally against the dollar was hurting exports from the euro zone.
But speaking after the ECB Council left rates unchanged, he said a global recovery would partly offset any damage the strong euro will have on euro zone exports. Moreover, the currency's strength was pushing down inflation.
The euro has gained some six percent on the dollar since December alone.
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