Ahead of the much-anticipated US inflation data, the USD/CHF saw a mild rise.
Fed Chair Jerome Powell's comments to the US Congress dictated market sentiments on Tuesday.
As expected, the Fed continues to ask for patience and does not fully embrace cuts.
On Tuesday, the USD/CHF found some footing and mildly rose to 0.8980. The pair gained momentum as the Federal Reserve (Fed) Chair Jerome Powell addressed the US Congress and showed himself cautious regarding the bank’s next steps. Beyond this, market participants are eyeing Thursday when the US releases June's inflation figures.
The market's focus on Tuesday was on Jerome Powell's Semiannual Monetary Policy Report. Powell stated that sounder economic data would fortify the Federal Reserve's conviction in tackling inflation. He also noted that more than evidence of inflation moving towards the 2% target before implementing rate cuts is crucial. Finally, he further confirmed that the Fed's decision-making is an ongoing process, considering policies at every meeting.
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