The Swiss franc was flat in early trade against the dollar on Monday, shrugging off a government move to cut its 2005 growth forecasts and a fall in the Swiss leading indicator, confirming a slowdown in the economy. The dollar was last trading at 1.1887/92 francs, little changed from levels of around 1.1884/89 francs in late European trading on Friday while the euro last changed hands at 1.5483/92 francs, up slightly from 1.5478/83 francs.

Switzerland's top central banker said on Friday growth had slowed but the country's economic prospects have not worsened much over the past month, indicating he is in no rush to raise interest rates.

Copyright Reuters, 2005