The Swiss franc weakened roughly 1% to around 0.78 per USD, the lowest in over a week, pressured by a stronger dollar on expectations that President Trump’s Fed nominee, Kevin Warsh, will avoid aggressive rate cuts, given his historical preference for a firmer dollar. Falling prices of precious metals also weighed on the currency, as Switzerland is a major gold refiner. At the same time, the franc’s appeal as a safe haven diminished after President Trump signaled optimism about a possible US-Iran agreement. Meanwhile, SNB President Martin Schegel recently reiterated his view that consumer prices will gradually rise in the coming quarters, with a 0.3% increase projected for this year, cementing expectations that interest rates will remain on hold for the foreseeable future.