USD/CHF holds below 0.8900 as Russia-Ukraine tensions escalate
USD/CHF drifts lower to near 0.8875 in Monday’s early European session.
The US Retail Sales rose 0.4% in October vs. 0.8% prior, stronger than expected.
The safe-haven flows might support the Swiss Franc.
The USD/CHF pair softens to around 0.8875 on Monday during the early European session, pressured by the weakening of the US Dollar (USD). Investors will keep an eye on the Swiss Industrial Production for the third quarter (Q3) and the Federal Reserve’s (Fed) Austan Goolsbee speech later on Monday.
The Greenback edges lower as Trump Trades lose momentum. However, the encouraging US economic data and the cautious comments from the Fed officials might cap the downside for the pair. On Friday, Boston Fed President Susan Collins stated that monetary policy remains restrictive and an interest rate cut is still on the table for December, but a final decision would be based on the incoming data. Meanwhile, Chicago Fed President Austan Goolsbee said that markets tend to overreact to interest rate changes and that the Fed should maintain a slow and steady approach to reaching the neutral rate.
Data released by the Commerce Department's Census Bureau on Friday showed that US Retail Sales increased by 0.4% in October, following the 0.8% rise recorded in September (revised from 0.4%), beating the estimation of 0.3%.
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