The Swiss franc was higher against the dollar and down against other currencies on Monday after data late last week showed that growth in Swiss manufacturing unexpectedly gained speed in August.
The franc was up 0.12 percent versus the US currency at 1.2279 per dollar. The Credit Suisse/SVME Purchasing Managers' Index rose to a record high of 68.2 points on Friday from 65.1 in July, which some analysts considered a reason for more aggressive raising of interest rates.
"August PMI data clearly topped our expectations suggesting that the solid performance of the business sector could last into '07," analysts at UBS said in a briefing note.
The Swiss currency stood at 1.5797 per euro, down 0.02 percent after European Central Bank President Jean-Claude Trichet signalled last week that the central bank might raise rates in October. Further details on Swiss GDP growth will be released later this week, providing more hints on future monetary policy, the UBS analysts added. The franc was down 0.35 percent versus the yen on Monday at 94.79 yen, having hit an 8-year high of 95.69 yen last week.
Comments
Comments are closed.