USD/CHF held steady after a five-day losing streak, trading around 0.7990 during European hours on Monday (06/30). The pair held steady around 0.7957, the lowest since September 2011, recorded on Friday. The Swiss franc (CHF) moved little against the US dollar (USD) after the KOF Leading Indicator was released in Switzerland, which fell to 96.1 in June from 98.6 in May. The reading was below market expectations of 99.3, marking the lowest reading since October 2023.
Earlier this month, the Swiss National Bank (SNB) cut interest rates to 0% in response to easing inflationary pressures and indicated that rates could move into negative territory if downside risks persist. The Swiss central bank warned, in its Q2 Bulletin, that global trade risks could weigh on growth, forecasting GDP expansion of between 1% and 1.5% this year.
The USD/CHF pair faces challenges as the US dollar weakens amid growing expectations of a Federal Reserve (Fed) interest rate cut at its September meeting. Minneapolis Federal Reserve Bank President Neel Kashkari noted on Friday that he is sticking to his view that cooling inflation will allow the Fed to cut its policy rate twice this year, starting in September.
Data showed on Friday that US Personal Spending unexpectedly fell in May, the second decline this year. Meanwhile, US Personal Income fell by 0.4% in May, the biggest decline since September 2021. Traders are likely to eye US labor market data due later this week for further impetus on the US Federal Reserve (Fed) policy outlook.
Source: FXStreet
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