The USD/CHF pair is trending lower following recent JOLTS data released on Tuesday which showed a lower number of job openings than initially predicted from the US.
USD/CHF faced turbulence in Tuesday’s session, dipping further towards 0.8890. CPI data from Switzerland came in steady. The likelihood of rate cuts in September by the Fed remains bound to the outcome of labor market data to be reported this week. Markets also are digesting inflation data from Switzerland. The number of job openings in the US on the last business day of April was reported to be 8.059 million, a figure below the market's expectation of 8.34 million.
In Switzerland, inflation steadied as forecasted at 1.4% YoY for May while the core inflation was slightly lower than expected, at 1.2% YoY. On the Swiss National Bank , the bank had previously commenced itseasing cycle in March, with a 25 bps cut to 1.5%. The market is currently pricing in about 55% odds for another rate cut at the next meeting on June 20.
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