USD/CHF remains below 0.8850, Swiss CPI remains consistent, US NFP eyed – Crypto News – Crypto News
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USD/CHF remains below 0.8850, Swiss CPI remains consistent, US NFP eyed – Crypto News

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  • USD/CHF trades lower around 0.8830 on the back of resilient Swiss CPI.
  • US Dollar (USD) suffers to protect gains from the previous day.
  • Investors await US data releases, seeking further cues on the economic situation in the country.

USD/CHF trades lower around 0.8830, retreating from the previous day’s gains during the European session on Friday. The Swiss Franc is experiencing upward support against the US Dollar (USD), which is attributed to Switzerland’s Consumer Price Index (YoY) for August, which showed that Swiss inflation remained consistent at the rate of 1.6% against the market expectations of declining to 1.5%.

The US Dollar Index (DXY), which gauges the performance of the Greenback against the six other major currencies, treads waters around 103.60 at the time of writing. However, the US Dollar (USD) gained ground on Thursday due to the US inflation data released on Thursday, which is considered to be the preferred gauge index of inflation by the Federal Reserve (Fed). However, market participants seek fresh impetus on monetary policy tightening in the September meeting by the US Federal Reserve (Fed).

As said, the US Core Personal Consumption Expenditures (PCE) – Price Index (MoM) advanced to 4.2% in July as per the market expectations, from 4.1% prior. While, US Initial Jobless Claims for the week ending on August 25, fell to the reading of 228K, against the expected rise to 235K from the previous 232K figure.

The US Dollar (USD) is experiencing downward pressure ahead of the upcoming releases of macroeconomic data from the United States (US). US docket includes US Nonfarm Payrolls Average Hourly Earnings, and ISM Manufacturing PMI are scheduled to be released later in the day. These datasets could provide further cues on the economic outlook, which may help USD/CHF traders strategize their bets.

 

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