The U.S. dollar was set for a second week of broad gains on Friday, with even a rate hike in Japan unable to dislodge it, as investors figure U.S. rates are high and not falling yet. The Swiss National Bank delivered the biggest surprise of a week crammed with central bank meetings, cutting its main interest rate and citing the strength of the franc as a reason. The franc , which in real terms has been rising for years, dropped more than 1% overnight to 0.8894 per dollar, its weakest in four months, and slid to a nine-month low on the euro nudging it closer to parity. The Bank of Japan announced an historic shift out of negative short-term rates and longer-run yield caps, but it was so well telegraphed that the yen fell on the news and was last a whisker from multi-year lows at 151.63 per dollar. The U.S. Federal Reserve left its funds rate on hold between 5.25% and 5.5% this week and stuck with projections for three cuts by year's end. But it said it will not start moving until it has more confidence that inflation is sustainably falling toward 2%. Market expectations for U.S. rate cuts increased after that but only very slightly. About 80 basis points of cuts are now priced in for this year – much lower than the 160 or so that had been priced in at the start of the year. Sterling fell overnight after the Bank of England left interest rates unchanged, this time backed by the two hawkish committee members who'd previously voted for a hike.