ZURICH: The Swiss franc was little changed against the US dollar on Monday, with currency dealers hesitant to take bigger positions ahead of major European data later in the week.
Traders are expected to watch German PMI data on Tuesday and a monthly business survey by the Munich IFO economics institute on Wednesday, analysts said.
The fact that the Group of 20 countries stopped short of criticising Japan's reflationary policies that have significantly weakened its currency also muted any impact a stronger statement could have had on the franc, according to economists.
In a communique after a two-day meeting, the G20 simply said it would be "mindful" of possible side effects from extended periods of monetary stimulus, without singling out Japan as some in the markets had feared.
Closer to home, the Swiss National Bank garnered support capping the soaring franc in September 2011 to help stave off recession and the threat of deflation, and was forced to intervene heavily last year as the euro zone crisis flared, swelling its foreign currency reserves.
"This is clearly NOT the time to look for an alteration of the SNB's monetary framework anytime soon," UBS economist Reto Huenerwadel said in a note.
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