USD/CHF extends sideways grind above 0.9200 as investors ignore US data
- USD/CHF is struggling to make a decisive move in either direction.
- Annual PPI in US came in higher than expected in July.
- US Dollar Index continues to move up and down in tight range below 93.00.
Following the sharp upsurge witnessed earlier in the week, the USD/CHF pair registered losses on Wednesday and seems to have gone into a consolidation phase on Thursday. As of writing, the pair was up 0.08% on the day at 0.9226.
DXY stays below 93.00 after US data
Earlier in the day, the data from the US showed that Initial Jobless Claims declined by 12,000 in the week ending August 7 to 375,000 as expected. Additionally, the US Bureau of Labor Statistics reported that the Producer Price Index (PPI) rose to 7.8% in July from 7.3% in June in came in higher than analysts' estimate of 7.3%. Nevertheless, these figures failed to trigger a noticeable market reaction and the US Dollar Index was last seen fluctuating in a tight range below 93.00.
In the meantime, the benchmark 10-year US Treasury bond yield is up more than 2% on Thursday, helping USD/CHF stay afloat in the positive territory.
There won't be any other data releases featured in the US economic docket in the remainder of the day. On Friday, the Producer Price Index data from Switzerland and the University of Michigan's Consumer Sentiment Index data from the US will be looked upon for fresh impetus.
Technical levels to watch for
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
