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The USD/CHF exchange rate is approaching 0.9860 in anticipation of US ISM Services PMI data

Daniel Rogers

Sep 05, 2022 16:38

 截屏2022-09-05 上午10.30.39.png

 

The USD/CHF pair has been steadily climbing since the start of the Tokyo session, and it is currently trading near a six-week high of 0.9860. After a month of uninterrupted control by bulls, the asset is now moving sideways. The major is trading between 0.9783 and 0.9859; a rise is expected.

 

Since the favorable US Nonfarm Payrolls (NFP) report was released on Friday, the asset's value has risen considerably. After the US economy added 315k jobs in August, beating predictions of 300k, the Federal Reserve (Fed) is more likely to raise interest rates by 75 bps for a third consecutive time. The Federal Reserve's policymakers must face the unsettling reality of a sluggish response to rising inflation. However, the Federal Reserve's worries are fading as the US economy posts a series of strong job growth.

 

Meanwhile, despite an increase in the Unemployment Rate, the value of the US dollar index (DXY) reached 110.03, a new 20-year high. The latest unemployment rate report came in at 3.7%, which is higher than both forecasts and the preceding report (3.5%). For the time being, investors will be focusing on the US ISM Services PMI data that will be released on Tuesday. Forecasts indicate a decline in economic indicators, from 56.7 to 54.9. As Monday is the United States' Labor Day, the markets will be closed.

 

As a result, the Swiss franc has fallen in value due to disappointing data on Real Retail Sales. The 2.6% GDP reading was lower than the 3.3% predicted by economists, but it was higher than the 0.7% reading reported in the prior update. Meanwhile, the annual rate of increase in the Consumer Price Index (CPI) has risen to 3.5%, which is higher than both market forecasts and the prior reading of 3.4%.

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