The USD/CHF pair snaps the two-day losing streak near 0.8940 in Friday’s early European session.
USD/CHF rebounds near 0.8940 in Friday’s early European session. The US PPI figure was weaker than expected, but the hawkish Fed projection capped the pair’s downside. The Swiss Producer and Import Prices dropped 0.3% MoM in May from a 0.6% rise in April, below the consensus. The recovery of the pair is bolstered by the stronger Greenback as the hawkish Fed projection suggested only one rate cut is likely in 2024.
The new projection emerged after the US central bank decided to hold interest rates at their current 23-year high even as inflation ticked lower. On the Swiss front, the Federal Statistical Office of Switzerland reported on Thursday that the nation’s Producer and Import Prices dropped 0.3% MoM in May from a 0.6% rise in April, worse than expectations of a 0.5% increase.
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