The USD/CHF pair remained pressured for the second straight day and dropped to its lowest level in over a week during the Asian session on Tuesday (6/24) amid a weaker US Dollar (USD). However, the spot prices lacked any follow-through selling and managed to hold above the 0.8100 mark.
Traders increased their bets for a potential interest rate cut by the Federal Reserve (Fed) in July following the release of mixed US PMIs and dovish-sounding remarks from influential FOMC members on Monday. Moreover, optimism led by US President Donald Trump's announcement that Israel and Iran have agreed to a ceasefire dented the greenback's status as the global reserve currency.
On the other hand, the Swiss Franc (CHF) gained support from the Swiss National Bank's (SNB) signal that it has no plans to cut interest rates further, disappointing some investors who had expected rates to return to negative territory this year. This, in turn, acted as a drag on the USD/CHF pair. Moreover, overnight weakness below 0.8150 support supports possibilities for a further intraday decline.
However, traders seemed reluctant to place any aggressive directional bets and preferred to wait for cues on the Fed's future rate cut path. Hence, the focus remains on scheduled speeches by FOMC members and Fed Chair Jerome Powell's congressional testimony. Apart from this, the Conference Board's US Consumer Confidence Index will drive the USD and provide some impetus to the USD/CHF pair. (alg)
Source: FXstreet
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