USD/CHF bulls lurk around 0.9400 as softer Swiss data battles inflation fears – by anilpanchal7 USDCHF RiskAppetite Inflation Macroeconomics Currencies
Swiss PMI, Real Retail Sales also came in softer after downbeat Q4 GDP.
That said, Swiss Real Retail Sales shrank 2.2% YoY in January versus 2.2% expected growth a revised down previous reading of -3.0%. On the same line was the Swiss SVME Purchasing Managers’ Index for February as it marched 48.9 market forecasts versus 49.3 prior. It should be noted that the Swiss arrived at 0% in the fourth quarter of 2022 vs. an expected growth of 0.3% and 0.2% recorded in the third quarter.
Not only the data but hawkish Federal Reserve talks also challenge the previous day’s US Dollar weakness, as well as the USD/CHF pullback. Minneapolis Federal Reserve President Neel Kashkari said,"Wage growth is now too high to be consistent with 2% inflation." The policymaker also added and noted that it is concerning that the Federal Reserve's rate hikes so far have not brought down service inflation.
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