USD/CHF APPROACHES 0.8700 WITH US INFLATION ON HORIZON
- USD/CHF marches toward 0.8700 as safe-haven flows to the Swiss Franc have diminished.
- Investors divide over the size of Fed’s interest-rate cuts in September.
- Investors await the US PPI and CPI data for July, which will be published at 12:30 GMT and Wednesday, respectively.
The USD/CHF pair gains to near 0.8675 in Tuesday’s European session. The Swiss Franc asset strengthens as the appeal of the Swiss Franc as a safe-haven asset diminishes due to waning risks of the United States (US) entering a recession.
Fears of a potential US recession faded after upbeat weekly Initial Jobless Claims. Also, the think tank discussed that the Nonfarm Payrolls (NFP) data for July was not as bad as exhibited by sheer sell-off in global equities.
Currently, the market sentiment is cheerful with investors focusing on the US Consumer Price Index (CPI) data for July, which will be published on Wednesday. S&P 500 futures have posted significant gains in the European session. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, edges higher to near 103.25
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