- USD/CHF has dropped to near 0.9180 amid rising expectations for more rates by the SNB.
- SNB Quarterly Bulletin cemented more rate hikes to ensure price stability in the Swiss region.
- The expectation of weak growth in US Retail Sales in 2023 is barricading the upside of the USD Index.
The USD/CHF pair has shown a corrective move to near 0.9180 in the early Tokyo session. The Swiss Franc asset has witnessed selling pressure led by a gradual decline in the US Dollar Index (DXY) and rising expectations for more rates by the Swiss National Bank (SNB).
In recent sessions, the collapse of Credit Suisse kept the Swiss Franc on the back foot as the currency lost its charm of safe-haven. It seems that hawkish SNB bets are aiming to retrieve its glory.
The release of the SNB Quarterly Bulletin on Wednesday confirmed that SNB Chairman Thomas J. Jordan will hike rates further to ensure price stability in the Swiss region. The SNB Quarterly Bulletin also showed that inflation escalated to 3.4% in February and the majority of the contribution to rising Swiss inflation is coming from domestic goods.
Going forward, Friday’s Real Retail Sales (Feb) data will be keenly watched. The annual retail sales data is expected to expand by 1.9% against a contraction of 2.2%, which would cement further scalability in the inflationary pressures.
Meanwhile, the USD Index has turned sideways below 102.70. The asset had a roller-coaster ride on Wednesday amid deepening expectations of a decline in the retail demand in the United States ahead. The National Retail Federation (NRF) said on Wednesday that fears of a recession and tremors in the banking industry cast a shadow over a recovery in consumer spending, as reported by Reuters. The NRF is expecting a growth in retail demand in the 4-6% range, lower than expansion by 7% recorded in 2022.
|Today last price||0.9182|
|Today Daily Change||-0.0018|
|Today Daily Change %||-0.20|
|Today daily open||0.92|
|Previous Daily High||0.9222|
|Previous Daily Low||0.9137|
|Previous Weekly High||0.9317|
|Previous Weekly Low||0.912|
|Previous Monthly High||0.9429|
|Previous Monthly Low||0.9059|
|Daily Fibonacci 38.2%||0.919|
|Daily Fibonacci 61.8%||0.917|
|Daily Pivot Point S1||0.9151|
|Daily Pivot Point S2||0.9101|
|Daily Pivot Point S3||0.9065|
|Daily Pivot Point R1||0.9236|
|Daily Pivot Point R2||0.9272|
|Daily Pivot Point R3||0.9322|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Follow us on Telegram
Stay updated of all the news
EUR/USD retreats below 1.0700 after upbeat US employment data
EUR/USD has lost its recovery momentum and retreated slightly below 1.0700 in the early American session on Thursday. After the monthly data published by the ADP showed that private sector payrolls rose 278,000 in May, the US Dollar found support and forced the pair to edge lower.
GBP/USD pulls away from daily highs, stays above 1.2450
GBP/USD has edged lower from the daily high it set above 1.2480 but managed to stay above 1.2450. Although the US Dollar stays resilient against its rivals after the better-than-expected private sector employment data, the risk-positive market atmosphere helps the pair hold its ground.
Gold stays in daily range above $1,960 as US yields puch lower
Gold price declined below $1,960 in the early American session but didn't have a hard time rising back above that level. Despite the upbeat ADP employment data from the US, the 10-year US Treasury bond yield stays in the red well below 3.7%, providing a lift to XAU/USD.
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
C3.ai gets punched in the face, is the AI hype a bit overdone?
OMG! Stocks sold off on Wednesday….and NVDA? That stock gave back $15 or 3.8% - What is going on? That is not supposed to happen….it can only go up! Quick someone call the NVDA police!