Swiss Franc Higher Amid Cautious Mood
2024-08-22
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(fxcue news) - The Swiss franc rose against its major counterparts in the New York session on Wednesday, as risk sentiment dampened ahead of the release of quarterly results from AI darling Nvidia (NVDA) after the close of today's trading.
Shares of Nvidia are currently tumbling by 3.2 percent, more than offsetting the 1.5 percent jump seen during Tuesday's session.
Traders also look ahead to the release of Commerce Department's report on personal income and spending for July on Friday, which includes readings on inflation said to be preferred by the Federal Reserve.
Economists currently expect the report to show the annual rate of consumer price growth was unchanged at 2.5 percent.
With inflation nearly defeated and the job market cooling, the inflation reading could impact expectations for how quickly the Fed cuts rates.
The franc advanced to a 5-day high of 171.72 against the yen, near 2-week high of 1.1099 against the pound and near a 3-week high of 0.9360 against the euro, off its early lows of 170.78, 1.1173 and 0.9420, respectively. The currency is seen finding resistance around 174.5 against the yen, 1.09 against the pound and 0.925 against the euro.
The franc recovered to 0.8411 against the greenback, from an early low of 0.8452. The currency is likely to locate resistance around the 0.83 level.
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