The Swiss franc pulled back slightly against the dollar on Monday, paring some of Friday's substantial gains against the greenback, and was marginally weaker against the euro. The Swiss franc has gained ground versus the dollar in recent sessions as investors have become more willing to move out of safe haven assets, encouraged by strong equity market performances over the past few weeks.
The franc was trading at 1.1077 francs per dollar compared to Friday's New York close of 1.1053. Against the euro, the franc was trading at 1.5079 francs per euro versus the New York close of 1.5081 on Friday.
"We're seeing some consolidation, with increased risk appetite being the flavour of the day," said UBS economist Reto Huenerwadel. "Friday's gain was primarily a dollar-Swiss franc move where we saw stops and support levels taken out as risk appetite rose, and that triggered a euro rise (against the dollar) accordingly."
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