The USD/CHF pair trades weaker around 0.8840 on Thursday during the early European trading hours.
USD/CHF trades on a softer note near 0.8840 in Thursday’s early European session. The SNB is expected to cut its key policy rate for a second straight meeting in June on Thursday. The Federal Reserve officials are in wait-and-see mode, looking for more data. Traders prefer to wait on the sidelines ahead of the Swiss National Bank monetary policy meeting on Thursday. The markets expect the central bank to cut its key policy rate by 25 basis points from 1.50% to 1.25% at its June meeting.
On the USD’s front, Federal Reserve officials maintain a cautious stance and look for additional inflation data before considering the interest rate cut. Traders expect one or two rate cuts by the end of this year. Odds of a September Fed funds rate cut by 25 basis points increased to 67% after the weaker Retail Sales data, up from 61% a day ago, according to the CME FedWatch tool. Investors will take more cues from the preliminary US S&P Global PMI reports for June for fresh impetus.
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