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26 Jan 2024

USD/CHF capitalizes on recent gains after the better US GDP, inches higher to near 0.8670

  • USD/CHF could gain ground due to the hawkish sentiment surrounding the Fed.
  • US GDP Annualized (Q4) printed a 3.3% figure against the expected 2.0% and 4.9% prior.
  • Swiss policymakers will likely observe Real Retail Sales and the ZEW Survey to decide on the SNB's (SNB) monetary policy.

USD/CHF consolidates near 0.8670 during the Asian trading hours on Friday. The US Dollar (USD) appreciated against the Swiss Franc (CHF) following the release of Gross Domestic Product (GDP) data from the United States. The better-than-expected GDP figures in the fourth quarter might have decreased the likelihood of the Federal Reserve’s (Fed) reducing policy rates in the March meeting, which in turn, underpins the USD/CHF pair.

The US Gross Domestic Product Annualized (Q4) reported a reading of 3.3%, surpassing the previous reading of 4.9% and exceeding the market consensus of 2.0%. Additionally, the US Gross Domestic Product Price Index (Q4) decreased to a growth of 1.5% from the previous growth of 3.3%. Surprisingly, US Initial Jobless Claims for the week ending on January 19 reduced to 214K, contrary to the expected increase of 200K from the prior 189K. Furthermore, the market will be closely watching the release of the Personal Consumption Expenditures (PCE) Price Index data on Friday for further insights into US economic conditions.

The appreciation of the Swiss Franc (CHF) is beneficial for the Swiss National Bank (SNB) in terms of keeping inflation in check. However, there are uncertainties about whether the central bank is comfortable with the persistent strength of the CHF. Earlier this week, SNB President Thomas Jordan acknowledged that the robust Swiss Franc has played a role in capping inflation but has also posed challenges for domestic companies.

Despite concerns about the CHF's strength, the SNB is not expected to intervene in the open market by purchasing foreign currency to limit the advance of the Swiss Franc. The central bankers will likely monitor key economic indicators such as Real Retail Sales and the ZEW Survey to assess the health of the Swiss economy. These indicators will be instrumental in helping policymakers decide on the Swiss National Bank's (SNB) monetary policy.

 

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