The Swiss franc was slightly weaker against major currencies in early trade on Tuesday, with markets unfazed by recent Swiss National Bank comments saying the franc was weaker than the strong economy would suggest. The franc was down 0.28 percent on the day against the dollar at 1.2519 per dollar.
Against the euro, the franc was 0.02 percent weaker at 1.5889 per euro. SNB board member Philipp Hildebrand said over the weekend that the franc's low level on currency markets was a "conundrum" in view of solid Swiss fundamentals. But his remarks have had little impact on the Swiss currency so far.
"Markets do not seem to share the worries of SNB directorate member Hildebrand", UBS analysts said in a note. "This is at least what we read into the tame price reaction of the euro versus the franc throughout Monday."
The Swiss franc has been touching multi-year lows against the euro in recent months, amidst a view that the SNB would raise rates slower than the European Central Bank, its counterpart in the euro zone.
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