Select Language

USD/CHF aims to break above 0.8700 as Swiss Inflation softens further

Breaking news

USD/CHF aims to break above 0.8700 as Swiss Inflation softens further

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.01 19:31
USD/CHF aims to break above 0.8700 as Swiss Inflation softens further

update 2024.11.01 19:31

  • USD/CHF sees more upside above 0.8700 as soft Swiss inflation boosts SNB dovish bets.
  • Annual Swiss CPI grew at a softer pace of 0.6% against 0.8% in September.
  • Investors await the US NFP data for fresh interest rate guidance.

The USD/CHF pair strives to break above the key resistance of 0.8700 in Friday's European session. The pair strengthens as the Swiss Franc (CHF) weakens after the release of the Swiss Consumer Price Index (CPI) data, which showed that price pressures soften further in October.

Year-on-year Swiss CPI decelerated at a faster pace to 0.6% against the estimates and the prior release of 0.8%. On month, Swiss inflation deflated by 0.1%, slower than 0.3% in September but was expected to remain flat.

A sharp disinflation trend has prompted expectations of more interest rate cuts by the Swiss National Bank (SNB). The SNB has already reduced its key borrowing rates by 75 basis points (bps) to 1% this year, and a further slowdown in inflationary pressures points to the need for more cuts in the December meeting.

Meanwhile, the Swiss Franc pair is also performing better due to the upbeat US Dollar (USD). The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, bounces back above 104.00 ahead of the United States (US) Nonfarm Payrolls (NFP) data for October, which will be published at 12:30.

Investors will pay close attention to the US official employment data as the Federal Reserve (Fed) has been more worried about easing labor market conditions, with high confidence in the disinflation trend towards the bank's target of 2%.

Economists expect the economy to have added 113K workers, which is less than half of the job additions at 254K recorded in September. The Unemployment Rate is expected to remain steady at 4.1%.

 


Date

Created

 : 2024.11.01

Update

Last updated

 : 2024.11.01

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

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.

Was this article helpful?

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].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

EUR/GBP Price Forecast: Reaches crossroads after completing abc move and pulling back

EUR/GBP pulls back after peaking in the 0.8440s. On Tuesday it bounced off key support (gray dashed line) at multi-year lows and surged over a penny higher.
New
update2024.11.01 22:06

GBP/USD: BoE outlook less certain - Scotiabank

The Pound Sterling (GBP) is trading marginally higher while Gilts remain soft (but off earlier lows) in the wake of Wednesday's budget, Scotiabank's Chief FX Strategist Shaun Osborne notes.
New
update2024.11.01 21:25

WTI hits fresh highs above $71,00 on revived geopolitical fears

Oil prices are appreciating for the third consecutive day on renewed concerns about escalating tensions in the Middle East.
New
update2024.11.01 21:09

Possible Iranian attack on Israel pushes oil prices up - Commerzbank

Oil prices rose by almost 2% today. The rise was caused by news that Iran is planning an attack on Israel in the coming days, Commerzbank's commodity analyst Carsten Fritsch notes.
New
update2024.11.01 20:59

EUR/USD: Spreads widen modestly - Scotiabank

EUR/USD has drifted a little lower over the course of the session so far, Scotiabank's Chief FX Strategist Shaun Osborne notes.
New
update2024.11.01 20:56

Gold demand rises in the third quarter due to ETF inflows - Commerzbank

The World Gold Council published data on Gold demand in the third quarter this week.
New
update2024.11.01 20:42

USD/CAD: Little changed on the day - Scotiabank

The Canadian Dollar (CAD) is unchanged on the session, holding in the low 1.39 area just below yesterday's high which marked a virtual pinpoint retest of the August spot peak, Scotiabank's Chief FX Strategist Shaun Osborne notes.
New
update2024.11.01 20:39

Gold edges higher as geopolitical risks revive following Hezbollah attack in Israel

Gold (XAU/USD) edges a third of a percentage point higher on Friday, recovering from the tumble it suffered on the previous day.
New
update2024.11.01 20:38

CNY: Stabilization already working - Commerzbank

This morning's Caixin PMI for the manufacturing sector surprised on the upside, pointing to a slight expansion of economic output at 50.3, after coming in at 49.3 last month.
New
update2024.11.01 20:35

USD mixed to firmer ahead of jobs - Scotiabank

The US Dollar (USD) is tracking a little higher ahead of the US jobs data at 8.30ET.
New
update2024.11.01 20:32

Disclaimer:arw

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.

  • Facebook
  • Twitter
  • LINE

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

I agree
share
Share
Cancel