USD/CHF stays pressured towards 0.9000 as US dollar eases despite debt ceiling deal, Swiss GDP, US NFP eyed – by anilpanchal7 USDCHF RiskAversion Fed GDP NFP
Index retreats from the highest levels in 10 weeks as the US policymakers unveil initial agreement on the measures to avoid the ‘catastrophic’ default. It’s worth noting, however, that some among the Republicans and Democrats are against the deal and hence signal a bumpy road through Congress even as the June 05 default looms, which in turn puts a floor under the US Dollar and prods the USD/CHF bears.
Not only the mixed concerns on the US debt limited agreement but hawkish concerns about the Federal Reserve’s next move, backed by the upbeat US data, also underpin the bullish bias surrounding the Swiss Franc pair. During the last week, US PMIs, the second estimate of the first quarter 2023 Gross Domestic Product , Durable Goods Orders and the Core Personal Consumption Expenditure Price Index for the said month, also known as the Fed’s preferred inflation gauge, marked upbeat details in their latest readings.
On a different page, the S&P500 Futures print mild gains and cut the US Dollar’s haven demand while the yields are less active amid off in bond markets in the US. Looking ahead, risk catalysts may entertain the USD/CHF traders ahead of the Swiss Q1 GDP and the US Nonfarm Payrolls , scheduled for publishing on Tuesday and Friday. Above all, major attention will be given to the US Congress voting on the debt ceiling deal.sellers need validation from a three-week-old ascending support line, close to 0.9030 at the latest.
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