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Market News USD/CHF Regains The 0.8700 Level As USD Gains Traction

USD/CHF Regains The 0.8700 Level As USD Gains Traction

On Tuesday, USD/CHF acquires momentum and reclaims the 0.8700 region. According to US S&P Global PMI data, manufacturing activity increased from 46.3 to 49 in July. Wednesday, the Federal Reserve (Fed) will release the results of its monetary policy meeting.

TOP1 Markets Analyst

2023-07-25

12043

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On Tuesday, the USD/CHF pair acquires traction. The pair is currently trading at 0.8700, up 0.03% from its previous low of 0.8637. On Wednesday, investors will focus on the Federal Open Market Committee (FOMC) meeting. The US Dollar Index (DXY), a measure of the Greenback's value relative to six other main currencies, gains momentum on Tuesday and holds above the 101.30 mark. This, in turn, provides support for the USD/CHF pair.

According to US S&P Global PMI data, manufacturing activity in July increased from 46.3 to 49, exceeding market expectations. The July reading marked the sixth consecutive month of expansion, but was hampered by deteriorating service sector conditions. In the meantime, the Services PMI declined from 54,4 to 52,4, falling short of expectations of 54. The Composite PMI index decreased from 53.2 in June to 52 in July.

The Federal Reserve (Fed) will release the results of its monetary policy meeting on Wednesday. It is widely anticipated that the Fed will increase interest rates by a quarter point to 5.25–5.50 percent. According to market participants, this could be the final rate hike of the current cycle. However, Fed Chairman Jerome Powell's Wednesday press conference will provide hints about the possibility of future Fed policy tightening.

Last week's Swiss franc data showed that the Swiss Trade Balance increased by 4,823 million from 5,442 million previously, which was 5,442 million less than anticipated. In May, exports increased to 24,917 M from 23,879 M, while imports increased to 20,093 M from 18,445 M.

In July, the Swiss Credit Suisse Economic Expectations, ZEW Survey Expectations, and KOF Leading Indicator could provide insight into the movement of the Swiss Franc. US CB Consumer Confidence and Advance Gross Domestic Product (GDP) QoQ are due later this week on the US docket. The FOMC meeting and Fed Chairman Jerome Powell's press conference will be this week's most significant events. Participants in the market will closely monitor this development and look for opportunities surrounding the USD/CHF pair.