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Market News USD/CHF fluctuates at 0.9700 on rising hawkish Fed wagers, with the US PMI in focus

USD/CHF fluctuates at 0.9700 on rising hawkish Fed wagers, with the US PMI in focus

The USD/CHF trading range is 0.9687 to 0.9712 as investors anticipate US PMI data. The SNB increases its interest rates by 50 basis points for the first time in fifteen years. On the heels of fresh recession worries in the United States, it is anticipated that both Manufacturing and Services PMI would decline.

Alina Haynes

2022-06-20

1047

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In the early Tokyo session, the USD/CHF pair is fluctuating within a tight range of 0.9687 to 0.9712. After retesting its prior lows around 0.9629 with diminished selling pressure, the asset has rallied well. The dollar saw intense selling pressure against the Swiss franc last week after the Swiss National Bank (SNB) announced a 50 basis point (bps) interest rate increase on Thursday.

The official SNB interest rate is now negative 0.25 percent. The Swiss National Bank (SNB) has maintained a consistent position on interest rates for the past fifteen years in order to make the Swiss franc less attractive, hence attracting more business to the Swiss economy. In response to inflation shocks, the SNB has followed in the footsteps of other Western governments and announced a massive interest rate increase. The Swiss franc is no longer overpriced after SNB head Chris Jordan's surprising announcement of a rate hike, and higher interest rates will benefit Swiss currency bulls moving forward.

In the meantime, the US dollar index (DXY) is trading dull in the Asian session at about 104.66 amid increased odds of a 75 basis point (bps) sequential rate rise announcement by the Federal Reserve (Fed). It will take a bit longer for pricing pressures to be translated into price stability. Going forward, investors will continue to focus on US PMI data.

The Composite PMI is anticipated to rise moderately to 53.5 from 53.4. The division of the Composite PMI into Manufacturing and Services necessitates a performance decline. The Services PMI is anticipated to be much lower at 49.1 compared to the previous reading of 53.2. While the Manufacturing PMI is anticipated to decrease to 54.7 from 55.7, the Services PMI is anticipated to remain unchanged.