The US dollar is holding firm near one-month highs, consolidating recent gains following a six-day rally. Comments from Swiss National Bank (SNB) Chief Thomas Jordan expressing concern about the strength of the Swiss Franc are putting pressure on the currency. Despite a moderate risk appetite on Friday, the USD’s upward momentum is tempered by Jordan’s remarks, which suggest that the Swiss Franc’s strength will influence the central bank’s monetary policy decisions.

Investors are keeping the US dollar supported as they scale back expectations of imminent interest rate cuts, thanks to stronger-than-expected Jobless Claims and Retail Sales data in the US. This has contributed to a more restrained outlook for aggressive Federal Reserve cuts in 2024, boosting the US dollar against various currencies.

Federal Reserve policymakers have also been vocal in downplaying the likelihood of imminent rate cuts. Atlanta Fed President Raphael Bostic, for instance, stated on Thursday that he does not anticipate rate cuts until the third quarter of the year. The lack of clear direction for the US dollar on Friday could be attributed to a more positive market sentiment and some profit-taking ahead of the weekend.

Later in the day, the Michigan Consumer Sentiment Index and a speech by San Francisco Fed President Mary Daly may provide fresh catalysts for the US dollar, potentially influencing its direction in the near term.