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The Swiss franc was trading at four month highs against the dollar in early trade on Monday as the US currency came under pressure amid dealers' convictions that the Federal Reserve will only raise rates modestly.
Robust jobs data from the United States on Friday suggested that the economic recovery in the world's biggest economy was now firmly on track - consolidating expectations of an imminent rate rise from the Fed and sparking profit taking on the dollar.
However, while a first hike is expected in June, markets expect only an initial step of 0.25 basis points.
"The dollar/Swiss rate is a dollar story due to expectations for only a modest rate rise in the United States," one dealer said.
The US currency was trading at 1.2367/71 compared with 1.2443/48 late on Friday in Europe, while the euro idled at 1.5245/47 francs after 1.5244/49.
At the same time, a question mark remains over the timing of a rise in the Swiss National Bank's benchmark borrowing costs - currently at historic lows and not expected to rise until the second half of the year.

Copyright Reuters, 2004

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