The Swiss franc rose slightly on Friday from near three-month lows against the dollar ahead of key US jobs data that will be eyed for new evidence about the strength of the US recovery.
The dollar eased to 1.2912/20 Swiss francs from levels around 1.2940 late on Thursday, compared to a three-month high of around 1.3075 francs seen earlier in the week.
The euro held broadly steady at 1.5767/83 francs, compared to levels around 1.5770 late on Thursday.
"Global flows are the major driver behind the Swiss franc currently," UBS told clients in its daily economic comment. "Investors seem to price in above-trend global growth. They are thus uninterested in low-yielding currencies such as the franc."
Swiss economic growth data for the fourth quarter of 2003, due today are widely expected to confirm that the export-dependent economy gained speed toward the end of the year as demand from trade partners picked up.