The Swiss franc was little changed against the dollar and euro early on Tuesday despite SNB comments it was increasingly confident about the pace with which Switzerland would emerge from an economic downturn.
The dollar firmed a touch to 1.2340/45 francs from 1.2320/25 late on Monday in Europe, while the euro was little changed at 1.5755/60 after 1.5746/59 on Monday.
Dealers noted that the SNB was becoming more upbeat about Switzerland's recovery from a double-dip recession.
"We see a very concrete recovery of the Swiss economy and we said in December it would be a good 1.5 percent growth rate (for 2004) and we are confident we are able to make," said Swiss National Bank Chairman Jean-Pierre Roth on Monday.
He also said the bank was happy with the softer trend of the Swiss franc against the euro.
"We see the Swiss franc slightly weakened vis-à-vis the euro which is of course in the overall picture a positive point in some sense it is not fully counterbalanced (by the weak dollar) but still a positive point," Roth said.
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