The USD/CHF pair faces some selling pressure on Thursday, supported by the hotter-than-expected Swiss inflation data.
USD/CHF weakens to 0.9110 following Swiss inflation data on Thursday. The Swiss CPI inflation climbed to 1.4% YoY in April from a rise of 1.0% in March. The Fed has kept its benchmark lending rate steady at a 23-year high since July 2023. The US Nonfarm Payrolls for April will be in the spotlight on Friday. The USD/CHF pair facessomeselling pressure on Thursday, supported by the hotter-than-expectedSwiss inflationdata. The pair currently trades around 0.9110, down 0.48% on the day.
The Fed Chair Jerome Powell noted that he doesn’thave aplan to cut interest rates until the Fed has “greater confidence” that price increases are slowing sustainably to its 2% target. During the press conference, Fed’s Powell said that “there has been a lack of further progress.”, adding that interest rates are “restrictive” enough and that it was “unlikely” that the Fed would raise rates again in this cycle.This, in turn, weighs on the Greenback and creates a headwind for the USD/CHF pair.
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