The Swiss franc eased against the dollar in early European trade on Tuesday as traders looked ahead to a testimony from the US Federal Reserve chief Alan Greenspan for hints about the timetable for monetary tightening. In his semi-annual testimony to Congress on Wednesday Greenspan is expected to be upbeat about the US economy and may signal that the Fed has room to push interest rates higher which would support the dollar.
Greenspan said in remarks released on Monday that although soaring oil prices have hampered US economic growth, the economy was coping well and set to expand at a moderate pace.
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