The USD/CHF pair strengthened around 0.8125 during the early European session on Monday (6/16), supported by a rebound in the US dollar (USD). Investors await the Swiss May Producer and Import Prices and SECO Economic Forecast, due to be published on Monday.
Friday's stronger-than-expected US economic data lifted the greenback against the Swiss franc (CHF). The University of Michigan Consumer Sentiment Index improved to 60.5 in June, compared to 52.2 in the previous reading. The reading was stronger than the expected reading of 53.5.
Meanwhile, the US Dollar Index (DXY), a gauge of the value of the US dollar (USD) against a basket of six global currencies, recovered to near 98.25, up 0.15% on the day.
The US Federal Reserve (Fed) policy meeting will be in the spotlight on Wednesday. The US central bank is widely expected to keep interest rates unchanged at its June meeting. Futures are pricing in two rate cuts by the end of the year, possibly starting in September, supported by softer inflation data last week.
Investors are concerned that the conflict between Israel and Iran could escalate into a broader regional conflict. This, in turn, could boost safe-haven currencies such as the CHF and create headwinds for the pair. Israel launched an attack on Iran on Friday, targeting a nuclear facility and a missile factory and killing military leaders. Late Sunday, Iran launched a new attack on Israel, with explosions seen in the coastal city of Haifa. (alg)
Source: FXstreet
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