The USD/CHF pair retraces from a multi-week high of 0.8876 amid the decline of US Treasury bond yields during the early Asian session on Monday. Meanw
, a measure of the value of USD against six other major currencies, remains above 104.10, close to a monthly high. At the time of writing, the USD/CHF is trading at 0.8847, up 0.01%.stated that the central bank is prepared to raise interest rates further, if necessary, and will determine the next rate move based on data. Powell also indicated that the strong economic growth and tight labor market conditions might pave the way for further tightening cycle.
Apart from this, Philadelphia Fed President Patrick Harker said that he does not see the need for additional rate hikes at this time and the Fed should hold rates steady and observe the impact of policy on the economy. Meanwhile, ClevelandPresident Loretta Mester said that GDP and labor market data show that the economy is gaining momentum.
About the data on Friday, the University of Michigan's Consumer Confidence Index for August fell to 69.5 from 71.6 in July and was revised from the first reading of 71.2. Additionally, The Current Conditions Index dropped from 76.6 to 75.7 , while the Expectations Index fell from 68.3 to 65.5 . On the other hand, the Chinese finance ministry said on Sunday that the authorities would reduce the 0.1% duty on stock trading to stimulate the capital market and strengthen investor confidence. Alongside the action by the Ministry of Finance, the China Securities Regulatory Commission is implementing measures to bolster market confidence in listed companies after the Chinese equities index slumped to nine-month lows. Investors will keep an eye on the Chinese Caixinfor August due on Friday.
Later this week, market players will focus on the Swiss KOF Leading Indicator for August, the ZEW Survey, and the Consumer Price Index YoY. On the US docket, the US Core Personal Consumption Expenditures Index and the weekly Jobless Claims will be due on Thursday. The key event will be the
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