The USD/CHF pair consolidates its recent loss below the 0.8800 barrier during the early Asian session on Wednesday. The Greenback faces some follow-th
, a measure of the value of USD against six other major currencies, hovers around 103.60 after reaching the bottom of 103.36. At the time of writing, the USD/CHF is trading at 0.8790, gaining 0.07%.
The US dollar is weakening broadly following softer US economic data. On Tuesday, the US Job Openings and Labor Turnover Survey for July showed the lowest reading since March 2021 by decreasing to 8.827M versus 9.165M prior and against the 9.465M expected. Meanwhile, the Conference Board's Consumer Confidence Index for August fell to 106.10 from 114.00 in July, below the market expectation of 116.0. The S&P/Case-Shiller Home Price Indices improved to -1.2% YoY versus -1.7% prior and -1.
On the other hand, US Commerce Secretary Gina Raimondo emphasized US concerns regarding difficulties operating American companies and national security issues during the visit to Beijing for four days. Furthermore, the US and China also discussed China's recent restrictions on gallium and germanium exports during a meeting. The exacerbating tension between the world’s two largest economies should dampen market optimism.
Moving on, market players will focus on the Swiss KOF Leading Indicator for August, the ZEW Survey, and the Consumer
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