USD/CHF DRIFTS LOWER TO NEAR 0.8800, SWISS Q3 GDP DATA LOOMS
- USD/CHF edges lower to around 0.8815 in Friday’s early European session.
- The rising expectation that the Fed might slow its rate-cutting cycle could support the USD.
- Switzerland’s third-quarter GDP growth report will be the highlight on Friday.
The USD/CHF pair loses ground to near 0.8815 during the early European session on Friday, weighed by the softer US Dollar (USD) broadly. Traders await Switzerland’s Gross Domestic Product (GDP) for the third quarter (Q3), which is due later on Friday.
The Greenback weakens as the profit-taking sets in before a long Thanksgiving weekend. The encouraging US economic data and the cautious stance from the US Federal Reserve (Fed) might support the USD in the near term. The FOMC Minutes released on Tuesday showed that Fed officials see interest rate cuts ahead but at a gradual pace as inflation eases and the labor market remains strong.
Switzerland’s third-quarter GDP report will take center stage on Friday. The Swiss economy is expected to expand by 0.4% QoQ in Q3, compared to 0.7% growth in the second quarter. On an annual basis, the Swiss GDP is estimated to remain steady at 1.8% in Q3. In case of a weaker-than-expected outcome, this could undermine the Swiss Franc (CHF) and act as a tailwind for USD/CHF.
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