Swiss Franc Falls As European Shares Traded Higher

(RTTNews) - The Swiss franc weakened against other major currencies in the European session on Friday, as investor sentiment boosted after January U.S. inflation data reinforced expectations for a June cut to interest rates.

New York Federal Reserve Bank President John Williams reiterated on Thursday that the next move for the U.S. central bank will likely be a cut to its interest rate target.

Federal Reserve Bank of San Francisco President Mary Daly, meanwhile, highlighted the shift towards a more data-dependent approach.

Her Atlanta counterpart Raphael Bostic said it will be appropriate to begin cutting interest rates this summer.

In the Asian trading today, the franc held steady against its major rivals.

In the European trading, the Swiss franc fell to a 3-month low of 0.9596 against the euro and more than a 5-month low of 1.1208 against the pound, from early highs of 0.9555 and 1.1162, respectively. If the franc extends its downtrend, it is likely to find support around 0.97 against the euro and 1.13 against the pound.

Against the U.S. dollar, the franc dropped to more than a 2-week low of 0.8871 from an early high of 0.8839. The franc may test support near the 0.89 region.

The franc edged down to 169.76 against the yen, from an early high of 170.12. On the downside, 167.00 is seen as the next support level for the franc.

Looking ahead, PMI reports from Canada and U.S. for February, U.S. University of Michigan's consumer sentiment for February and construction spending for January and U.S. Baker Hughes oil rig count data are slated for release in the New York session.

At 9:00 am ET, Bank of England Chief Economist Huw Pill gives lecture at Cardiff University Business School, in Cardiff, U.K.

At 10:15 am ET, Federal Reserve Board Governor Christopher Waller and Federal Reserve Bank of Dallas President Lorie Logan will participate in panel, "2024 report, Quantitative Tightening around the Globe: What Have We Learned?" before the 2024 U.S. Monetary Policy Forum hosted by the Chicago Booth School of Business, in New York, U.S.

At 12:15 pm ET, Federal Reserve Bank of Atlanta President Raphael Bostic will speak on the economic outlook and real estate trends before the University of Florida's Kelley A. Bergstrom Real Estate Center 2024 Trends and Strategies Conference, in Orlando, Florida, U.S.

At 1:30 pm ET, Federal Reserve Bank of San Francisco President Mary Daly and Federal Reserve Bank of Kansas City President Jeffrey Schmid (moderator) will participate in panel, "AI and the Labor Market" before the 2024 U.S. Monetary Policy Forum hosted by the Chicago Booth School of Business, in New York, U.S.

At 3:30 pm ET, Federal Reserve Board Governor Adriana Kugler will deliver a speech on "Pursuing the Dual Mandate" before the 2024 Stanford Institute for Economic Policy Research (SIEPR) Economic Summit, in Stanford, California, U.S.