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Market News USD/CHF rebounded from 0.9200 despite market skepticism and anticipation of Fed Chair Powell's speech

USD/CHF rebounded from 0.9200 despite market skepticism and anticipation of Fed Chair Powell's speech

After a minor retracement to roughly 0.9200, USD/CHF demand has increased. The risk-on profile is weakening further as US Treasury yields increase. Fed Bostic does not anticipate a recession in CY2023, although he has drastically reduced his GDP prediction to 1%.

Daniel Rogers

2023-01-10

8750

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After falling to near the round-level support of 0.9200 at the start of the Asian session, the USD/CHF pair has detected buying interest. Despite the optimistic market sentiment, the Swiss franc extended its rebound over the immediate resistance of 0.9200.

After a corrective move on Monday, S&P500 futures are presenting a lackluster performance as markets fail to continue a comeback. Stretched upside in stocks caused long liquidation. The US Dollar Index (DXY) has reestablished its seven-month bottom at approximately 102.50, driven by increasing recession fears following a significant reduction in economic activities and less-hawkish monetary policy forecasts following a sharp decline in wage inflation.

The demand for US government bonds is losing traction further as investors’ risk appetite is decreasing again. This has contributed to an increase in 10-year US Treasury yields above 3.53%.

On Tuesday, the show-stopper event will be the speech by Federal Reserve (Fed) head Jerome Powell, which will reduce ambiguity about February’s monetary policy action. Meanwhile, the comments of Atlanta Fed bank president Raphael Bostic is rich of action-guiding information for investors. Fed policymaker predicts no recession in CY2023 but has lowered Gross Domestic Product (GDP) prediction drastically to 1%. He expects that interest rates will have to stay high for a long period well until 2024".

On the Swiss franc front, a fall in the Real Retail Sales (Nov) statistics on an annual basis is going to oblige the Swiss National Bank (SNB) to keep monetary policy moderate. The economic figures contracted by 1.3% whereas the consensus estimate was for a 3.0% expansion.