The USD/CHF pair weakened near 0.8070 during the early European session on Tuesday (August 19). However, the pair's downside potential may be limited amid optimism for a ceasefire in the conflict between Russia and Ukraine, with US President Donald Trump planning a summit between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy in the near future.
Trump said on Monday that the United States (US) would help guarantee Ukraine's security in any deal to end the war with Russia. The 30-nation "Coalition of the Willing" reached an agreement to provide security guarantees for Ukraine and coordinate actions with the US.
Trump planned a meeting between Zelenskiy and Putin after a conference with European leaders on Monday. Trump said he discussed the plan with Putin in a phone call during his negotiations with European leaders. Optimism surrounding the Russia-Ukraine talks could dampen demand for safe-haven assets and weigh on the Swiss Franc (CHF).
However, last month's surge in US wholesale prices and a significant increase in July's Retail Sales figures reduced the odds of more aggressive policy easing by the Fed, which could support the greenback in the short term. Fed fund futures traders now price in an 83% probability of a September rate cut, after fully pricing in such a move last week, according to the CME FedWatch tool.
Traders will take more cues from the Fed's annual conference in Jackson Hole on Friday, as it may offer some insight into the US economic outlook and the direction of interest rates. Dovish remarks from Fed officials could drag the USD lower in the short term. (alg)
Source: FXstreet
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