Swiss Franc rises in cautious trading

BRUSSELS (dpa-AFX) – The Swiss franc rose against its main counterparts during the New York session on Tuesday as caution prevailed ahead of Nvidia’s earnings results and U.S. personal consumption expenditure figures due on Friday.

Investors are awaiting AI darling Nvidia’s fiscal second-quarter results after the market closes on Wednesday to gain more insight into whether the AI ​​trade will continue.

Friday’s PCE inflation figures could reinforce expectations that long-awaited rate cuts are coming soon.

The Fed’s preferred measure of underlying inflation is expected to rise 0.2 percent in July for the second straight month, taking the annualized three-month rate of so-called core inflation to 2.1 percent.

While the data is unlikely to affect optimism that the Fed will cut rates next month, it could influence expectations about how quickly the central bank will cut rates.

The franc rose to a 7-1/2-month high of 0.8421 against the dollar and near a 3-week high of 0.9407 against the euro, from early lows of 0.8484 and 0.9474 respectively. The currency finds resistance around 0.83 against the dollar and 0.93 against the euro.

The franc hit 1.1148 against the pound and 171.32 against the yen, hitting four-day highs. The currency is likely to find resistance around 1.10 against the pound and 174.5 against the yen.

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