Created
: 2024.05.03
2024.05.03 14:33
The USD/CHF pair trades in negative territory for the third consecutive day on Friday during the early European session. The pair edges lower to 0.9095 after retreating from a seven-month high of nearly 0.9224 due to the softer US Dollar (USD) broadly. Investors await the highly-anticipated US Nonfarm Payrolls (NFP) for April on Friday, which is forecast to show 243K job additions in the US economy.
The US Federal Reserve (Fed) decided to keep monetary policy on hold on Wednesday. During the press conference, Fed Chair Powell noted that progress on inflation has stalled recently and that it would take longer to gain confidence that inflation is moving towards the 2% target. The higher-for-longer US rate narrative is likely to lift the Greenback and cap the pair's downside in the near term. Apart from this, the US central bank announced a slowing in its balance sheet runoff (QT).
The annual inflation in Switzerland accelerated faster than expected in April, the Federal Statistics Office reported on Thursday. The Swiss Consumer Price Index (CPI) inflation climbed to 1.4% YoY in April from a rise of 1.0% in March, above the market consensus of 1.1%. The Swiss Franc (CHF) gained traction after the data was released and created a headwind for the USD/CHF pair. Last week, Swiss National Bank (SNB) chairman Thomas Jordan said the central bank had brought inflation under control, with the bank estimating price rises to be within its target band for the next few years.
Created
: 2024.05.03
Last updated
: 2024.05.03
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy