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Swiss franc trims losses vs dollar after upbeat Swiss ZEW outlook
USD/CHF is up about 0.2% on the day but back below 0.8930 following the ZEW Economic Expectations Index improvement to 12.1 in August.
The Swiss franc (CHF) is still trading weaker against the US dollar (USD), but it has pared some of its losses after an upbeat Swiss ZEW Economic Expectations release, according to FXStreet.
FXStreet said the USD/CHF pair is up about 0.2% on the day, while edging to levels below 0.8930 from session highs near 0.8940. The German ZEW research centre data showed Switzerland’s Economic Expectations Index improved for a second straight month in August to 12.1 from 10.0 in July.
The focus then shifts to US inflation data, with FXStreet pointing to the US Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred inflation gauge. The report is expected to show stubborn price pressures, which could keep pressure on the Fed to raise interest rates.
FXStreet also noted that oil prices have fallen about 8% from last week’s highs as Iran and Oman push talks to reopen the Strait of Hormuz, a move that has supported market sentiment and weighed on the safe-haven dollar.