The Swiss franc recovered some ground against the dollar on Tuesday as the greenback slipped across the board, paring some of its strong gains from the previous session. But the franc was still close to a 9-month low against the US currency and the uptick could just be short-lived, with analysts expecting the franc to continue on the downward path it has been treading in recent days against the dollar.
"I don't think it's any independent move between the dollar and Swiss franc. It's more about movement in the euro-dollar, which has come up a little bit," said Deutsche Bank analyst Henrik Gullberg.
The dollar has been boosted in recent days by the freeze in money markets that has forced banks to buy much-needed dollars to settle deals on the open market, hitting a 13-month high against a basket of currencies. The franc fell 0.3 percent against the euro compared to the New York close, trading at 1.5524 per euro, moving away from a six-month high hit earlier this week. The franc gained 0.6 percent against the dollar to 1.1408 per dollar.
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