On Monday, the USD/CHF traded largely neutral around 0.8970 with some gains.
USD/CHF rose slightly in the quiet market environment ahead of this week's US CPI data. Last week's underwhelming US data weighed on the USD. Markets are bracing for the US inflation data due later in the week for directional cues. That being said, the pair continues soft, following last week's US data which fueled dovish bets on the Federal Reserve which made markets dump the USD.
In addition, Fed Chair Powell delivers his Semiannual Monetary Policy Report to Congress this week on Tuesday which might also shake the USD dynamics. On the Swiss side, no major highlights are expected this week, hinting that the pair's movement will be mostly driven by the USD's dynamics. Financial markets see over 50% odds of a third interest-rate cut by the Swiss National Bank in September.
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