Swiss Franc Climbs In Cautious Trade
2024-08-23
4653
(fxcue news) - The Swiss franc was higher against its major counterparts in the New York session on Tuesday, as caution prevailed ahead of earnings results from Nvidia and U.S. personal consumption expenditure data due on Friday.
Investors await the release of fiscal second quarter results from AI darling Nvidia after the close of trading on Wednesday for more insights into whether the AI trade remains in play.
Friday's PCE inflation data could reinforce expectations that long-awaited rate cuts are coming soon.
The Fed's favorite measure of underlying inflation is seen rising 0.2 percent in July for a second month, pulling the three-month annualized rate of so-called core inflation down to 2.1 percent.
While the data is not likely to affect optimism the Fed will lower rates next month, it could impact expectations for how quickly the central bank cuts rates.
The franc advanced to a 7-1/2-month high of 0.8421 against the greenback and near a 3-week high of 0.9407 against the euro, from its early lows of 0.8484 and 0.9474, respectively. The currency is seen finding resistance around 0.83 against the greenback and 0.93 against the euro.
The franc touched 1.1148 against the pound and 171.32 against the yen, setting 4-day highs. The currency is likely to locate resistance around 1.10 against the pound and 174.5 against the yen.
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