The Swiss franc declined against its major counterparts in European deals on Tuesday, as European shares rose amid corporate earnings, while investors awaited U.S. inflation data to assess Fed rate hike prospects.

U.S. treasury yields fell following news that Governor Lael Brainard was interviewed for the top post at the Federal Reserve.

The CPI data, due Wednesday, is forecast to show a rise in prices driven by supply chain issues and surging energy costs.

Fed Vice Chairman Richard Clarida said on Monday that although the central bank is distant from considering raising interest rates, these conditions for a liftoff is likely to be met by the end of 2022.

Attention now shifts to U.S. producer inflation data, as well as speeches from central bank chiefs, including ECB President Lagarde, BoE President Bailey and Fed Chairman Powell for more direction.

The franc edged down to 1.0598 against the euro and 0.9154 against the greenback, off its prior highs of 1.0568 and 0.9117, respectively. The franc is seen finding support around 1.08 against the euro and 0.93 against the greenback.

The franc reversed from its early highs of 1.2367 against the pound and 124.02 against the yen, sliding to a 5-day low of 1.2426 and a fresh 3-week low of 123.41, respectively. The next likely support for the franc is seen around 1.26 against the pound and 119.5 against the yen.

Looking ahead, European Central Bank President Christine Lagarde is due to deliver opening remarks at the ECB Forum on Banking Supervision at 8 am ET.

U.S. PPI for October is scheduled for release in the New York session.

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