The Swiss Franc (CHF) losses momentum vs. the US Dollar (USD) after Swiss economic data was weaker than expected, but US inflation remains steady alth
is trading at 0.8842 after hitting a daily low of 0.8771.The US economic docket revealed better-than-expected data on Thursday, contrary to Tuesday and Wednesday. A soft US jobs openings report, consumer confidence deteriorating, ADP Employment Change below estimates, and the GDP for the second quarter downward revised reignited recession fears. Nevertheless, never count out consumers, portraying America’s resilience., came as expected at 3.
Initial Jobless Claims for the last week showed the labor market remains tight despite recent data linked to the jobs market depicting the opposite. People filling for unemployment aid rose by 228K, below estimates of 235K. Hence, mixed employment data makes tomorrow’s USreport for August crucial. That could clear some of the clouds, spurred by recent data.
That and month-end flows triggered a recovery, with the USD/CHF reclaiming the 0.88 figure, as the daily chart portrays a three-candle ‘morning star’ chart pattern, which, although it warrants further upside, a downslope resistance trendline looms, drawn from March 2023 highs., which measures the buck’s value against a basket of six currencies, climbs 0.51%, at 103.707.
On the Swiss front, retail sales for July were worse than estimated, plunging -2.3% MoM, below the upward revised June 1.5% gain. Even though the data portrays the increasing borrowing costs of the Swiss National Bank , it could also lead to a faster economic slowdown. USD/CHF traders’ focus shifts toward Switzerland’s inflation report, expected to drop to 1.5% in August after July’s 1.5% fall.2% target, the central bank foresees CPI to rise to 2.2% in 2023 and 2024.
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