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10 Jan 2024

USD/CHF floats around 0.8520 with a positive bias on a slightly improved US Dollar.

  • USD/CHF could advance further on a risk aversion sentiment.
  • US Dollar takes a breather, coasting along as US Treasury yields lack a clear direction.
  • The recent Swiss economic data supports the sentiment in favor of the Swiss Franc.

USD/CHF stays calm after gaining profits in the previous session, hovering near 0.8520 during the Asian session on Wednesday. The US Dollar Index (DXY) maintains its position above 102.50 amid steady US bond yields, with the 2-year and 10-year yields standing at 4.35% and 4.02%, respectively.

The risk-on sentiment was triggered by the Atlanta Federal Reserve President Raphael W. Bostic’s remarks made earlier this week, speculating interest rate cuts by the end of 2024. This has exerted downward pressure on the US Dollar. Bostic mentioned that inflation has declined more than initially anticipated and expressed the view of expecting two quarter-point cuts by the end of 2024.

However, the market sentiment has shifted to risk aversion, prompting investors to turn back towards the US Dollar and contributing upward support to underpinning the USD/CHF pair. Furthermore, December's Consumer Price Index (CPI) data from the United States will be eyed on Thursday.

On the other side, Monday’s economic data from Switzerland supported the Swiss Franc (CHF) to gain profits. Consumer Price Index (YoY) for December extended the growth from 1.4% to 1.7%. Real Retail Sales improved to 0.7% against the expected reading of flat 0.0%. On Tuesday, the seasonally adjusted Unemployment Rate improved to 2.2% from the previous rate of 2.1%.

Moreover, the Swiss National Bank (SNB) anticipates an annual loss of approximately 3 billion CHF for the last year. This outcome is attributed to the significant strength of the Swiss Franc (CHF), which has offset capital gains from the bank's equity and bond portfolios in foreign currencies.

 

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