The Swiss franc dropped against its major counterparts in the European session on Tuesday amid safe-haven status, as comments from European Central Bank chief economist Philip Lane soothed concerns about inflation and German factory orders rose more than expected in October.

Although more rate hikes will be required to tame price pressures, headline inflation is nearing a peak, Lane said in an interview with Italian newspaper published today.

"It's probably too early to make that judgement" whether inflation has already peaked, "but I would be reasonably confident in saying that it is likely we are close to peak inflation," Lane added.

Data from Destatis showed that German factory orders posted a monthly growth of 0.8 percent in October, in contrast to the revised 2.9 percent decrease in September. Orders were expected to gain marginally by 0.1 percent.

Elsewhere, media reports suggested that China's capital Beijing is likely to scale back more COVID restrictions under its strict zero-COVID strategy.

The franc was down against the greenback, at a 5-day low of 0.9456. On the downside, 0.97 is possibly seen as its next support level.

Against the pound, the franc reached as low as 1.1524. The franc is seen finding support around the 1.22 level.

The franc eased to 144.73 against the yen, from a 5-day high of 145.51 logged at 2:20 am ET. The franc is poised to challenge support around the 119.00 region.

The franc edged down to 0.9909 against the euro, off its prior high of 0.9865. If the franc falls further, it may challenge support around the 1.05 level.

Looking ahead, U.S. and Canadian trade data for October and Canada Ivey PMI for November will be out in the New York session.

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