The Swiss franc edged higher against the dollar on Monday, stabilising after the greenback had surged to a six-month high in the previous session on investors' concerns about Europe's economy. "For now, the US is delivering the least ugly signals on activity, whereas Europe and a number of emerging markets are facing a heightened recession threat, a contrast sufficient to foster the ongoing rally in the US dollar," said Calyon analysts.
By 0727, the franc was slightly higher against the dollar, trading at 1.0806 per dollar compared to Friday's New York close at 1.0822. The franc rose against the euro to 1.6180 per euro, compared to the New York close of 1.6238, as markets focused on data due out in the Eurozone this week.
"At the moment, the market is concentrating on Eurozone and it is expecting very weak data to come out this week. This has pushed the euro lower versus most currencies, including the franc," Ronald Plasser, analyst at Raiffeisenbank said.