The Swiss franc slipped against the euro on Friday after Swiss National Bank board member Thomas Jordan said its strength was a concern and as risk aversion eased on optimism about a new US stimulus package. The Swiss franc has gained nearly 7 percent against the single currency since the Swiss National Bank last cut its target rate on December 11 and its strength is hurting Switzerland's exports to the euro zone, its biggest trading partner.
"The development of the foreign exchange rate in this difficult situation is some reason for concern," Jordan said late on Thursday. "We do not have a pain threshold, but we are monitoring the exchange rate very closely," he added. The franc was 0.49 percent down against the euro compared to late New York trading at 1.4828 per euro.
But the franc was up 0.4 percent against the dollar, trading at 1.1195 per dollar and up 1.1 percent against the Japanese yen, which fell after a rise in US stocks. "There is a bit of a pick up in risk appetite, that is why Japanese yen and Swiss franc have lost some gain," said a forex analyst in London.