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Weak USD/CHF after Swiss inflation rise
USD/CHF under selling pressure after Swiss CPI data. Fed interest rate unchanged: impact on currency pair. US labor market data in focus.
Weak USD/CHF after Swiss inflation rise
According to the latest Swiss Consumer Price Index (CPI) data, USD/CHF continues its downward trend due to selling pressure and is trading below the 0.9150 level. Inflation rose to 1.4% year-on-year in April, after rising 1.0% in the previous month. This increase was higher than expected and caused the Swiss franc to become more attractive, which in turn pushed the USD/CHF rate to the 0.9110 level.
The Federal Reserve's decision to keep interest rates at a 23-year high also had an impact on the foreign exchange market. Fed Chairman Jerome Powell said there were no plans to cut interest rates until inflation reached its 2% target on a sustained basis. These statements increased downward pressure on the US dollar and were reflected in the USD/CHF exchange rate.
Another factor that influenced the movements of the USD/CHF pair was the upcoming release of the US employment data for the month of April. Nonfarm Payrolls (NFP) were expected to increase by 243,000 jobs, while the unemployment rate was expected to remain stable at 3.8%. This data aroused great interest among investors and could cause additional volatility in the foreign exchange market.