USD/CHF treads water around 0.9100 with eyes on US PMIs, jobs report – by anilpanchal7 USDCHF PMI Employment Fed RiskAversion
US Dollar lacks clear directions amid mixed sentiment, anxiety ahead of key data.US preliminary activity data, employment numbers for May will be crucial for fresh impulse.remains sidelined around 0.9110-15 as bulls and bears jostle ahead of the key data/events heading into Thursday’s European session. In doing so, the Swiss Franc pair fails to justify the mixed prints of Swiss data, as well as anxiety before the top-tier events.
That said, the recent passage of the bill to overcome US default in the Republican-controlled House of Representatives underpins the cautious optimism ahead of tomorrow’s Senate voting on the debt-ceiling bill, which in turn should weigh on the USD/CHF price. On the same line, recently mixed US data and Federal Reserve talks flag concerns that the US central bank has limited upside room for the rates.
Elsewhere, the Swiss Trade Balance eases to 2,601M in April from 4,526M prior. However, the Imports and Exports both rose from -22,505M and -27,031M respective previous readings to 17,302 and 19,902 in that order.
Looking ahead, the US ADP Employment Change and flash PMIs for May will be important to watch for clear directions. Also crucial will be the last round of thetalks ahead of the pre-FOMC blackout period for policymakers. Furthermore, the US Senators’ voting on the measures to avoid the default conditions should also be eyed closely even if the bill is likely to gain huge support in the Senate where Democrats are in the majority.
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