Swiss Franc Higher Amid Cautious Mood

BRUSSELS (dpa-AFX) – The Swiss franc rose against its main counterparts in the New York session on Wednesday, as risk sentiment fell ahead of AI darling Nvidia’s (NVDA) release of quarterly results after trading closed today.

Nvidia shares are currently down 3.2 percent, more than offsetting the 1.5 percent jump seen during Tuesday’s session.

Traders are also watching the release of the Commerce Department’s July personal income and expenditures report on Friday, which will include inflation figures favored by the Federal Reserve.

Economists currently expect the report to show that annual consumer price growth remained unchanged at 2.5 percent.

With inflation nearly under control and the labor market cooling, inflation numbers could affect expectations about how quickly the Fed will cut rates.

The franc rose to a 5-day high of 171.72 against the yen, near a 2-week high of 1.1099 against the pound and near a 3-week high of 0.9360 against the euro, from early lows of 170.78, 1.1173 and 0.9420 respectively. The currency finds 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 dollar, after an early low of 0.8452. The currency is likely to find resistance around the 0.83 level.

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