Swiss franc softens against dollar

08 Jul, 2005

The Swiss franc softened against the dollar in early European trade on Thursday, above recent 14-month lows, as oil prices surged to another record high. Oil prices had hit a high above $61 a barrel on Wednesday as a hurricane looming in the wake of tropical storm Cindy compounded worries over US refiners' ability to boost pre-winter fuel supplies.
The US National Hurricane Center's long range forecast put hurricane Dennis on track toward oil and natural gas fields off the coast of the Gulf of Mexico later this week.
The dollar changed hands at 1.3033/38 Swiss francs, above the 1.3016/21 francs reached in late trading in Europe on Wednesday. The euro stood at 1.5541/43 francs from 1.5530/35 francs on Wednesday.
Traders were looking to US jobs figures, due on Friday, for a stimulus to the dollar-franc cross. The payrolls report is expected to show 188,500 new jobs in June, according to the median forecast of a Reuters poll. That would be a big improvement on May's 78,000.

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