The USD/CHF pair trades with mild negative bias around 0.9015 during the early European session on Monday.
USD/CHF consolidates in a narrow trading range near 0.9015 on the softer USD on Monday. The US Core PCE figures, rose 2.8% YoY and 0.3% MoM in February, matching the market estimation. ING analysts expect two more rate cuts this year from the SNB, unless there is a surprise that causes inflation to grow rapidly again. The dovish comments from Federal Reserve Chairman Jerome Powellon Friday weigh on the US Dollar and cap the upside of the USD/CHF pair.
On the Swiss front, the Swiss National Bank decided to cut the benchmark interest rate by 25 basis points to 1.5% on March 21. The SNB statement noted that the easing of monetary policy has been made possible because the battle against inflation over the past two and a half years has been effective. ING analysts expect two more rate cuts this year from the SNB, unless there is a surprise in the international economic environment that causes inflationary pressures to grow rapidly again.
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