The Swiss franc on Wednesday ticked higher against the euro as European stock markets were set to open lower on worries about the global economic outlook. But the Swiss currency remained well off recent highs against the single currency, as investors' worries were not big enough at the moment to push the franc up much higher.
"We need to see a further bout of risk aversion to hit international financial markets to see the (euro) reaching new lows (against the franc) again," UBS's Reto Huenerwadel said. The franc was 0.1 percent higher against the euro compared to the New York close, trading at 1.6046 per euro.
The franc has closely reflected swings in stock markets recently as investors take equities as a barometer for risk demand and the franc is seen as a safe haven in times of big risks and high volatility. The franc traded little change against the dollar at 1.1025 per dollar as markets awaited key retail sales data out of the United States, which might shed light on the danger of a recession in the US.