The USD/CHF pair snaps the three-day losing streak around 0.8970 on Tuesday during the early European trading hours.
USD/CHF rebounds around 0.8970 in Tuesday’s early European session. The monthly Swiss CPI inflation rose 0.3% MoM in May and was below the consensus of 0.4%. The downbeat US ISM Manufacturing PMI raised the possibility of first rate cuts from Fed, weighing on the US Dollar. The Swiss Franc attracts some sellers after the cooler-than-expected Swiss inflation data. Switzerland ’s Consumer Price Index rose 1.4% YoY in May, compared to the previous reading of 1.
On the other hand, the US PCE inflation remained steady in April, and the ISM Manufacturing PMI came in weaker than expected in May, raising the possibility of first rate cuts from the US Federal Reserve in September. This, in turn, might exert some pressure on the USD against the CHF. Traders will shift their attention to the US employment data on Friday. The US Nonfarm Payrolls is projected to see 190,000 job additions in May, while the Unemployment Rate is estimated to remain steady at 3.
Majors Macroeconomics Switzerland CPI
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