On Monday, the USD/CHF pair rose significantly, driven by market anticipation of the Federal Open Market Committee (FOMC) minutes release and other key labor market figures from the US due later in the week.
USD/CHF rose to 0.9030, reaching late May's highs. Fresh ISM PMI data showedcontraction in the US manufacturing sector activity for June. The market odds for a September interest-rate cut by both the Fed and Swiss SNB have increased in the last session. On Monday, the USD/CHF pair rose significantly, driven by market anticipation of the Federal Open Market Committee minutes release and other key labor market figures from the US due later in the week.
As a result, the markets are betting on a 70% probability of a September interest rate cut by the Federal Reserve but the bank’s officials aren’t entirely embracing the rate cuts. In addition to the FOMC minutes, the US labor market figures are a highlight for this week, particularly Friday's June jobs data. Bloomberg consensus anticipates 190k compared to 272k in May. The unemployment rate is not expected to change from 4.0% despite a possible increase in the participation rate.
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