The US dollar traded lower against the Swiss franc for the second consecutive day on Monday (September 8). A weak payrolls report released on Friday continued to weigh on the US dollar, as investors increased their bets on a Federal Reserve interest rate cut in the coming months.
US non-farm payrolls data confirmed a sharp slowdown in job creation in August, with only 22,000 new jobs added, below market expectations of 75,000. Furthermore, June's data was released at -13,000, marking the first net decline in employment since the peak of the pandemic in 2020.
These figures virtually confirm a Fed rate cut next week and have fueled speculation of a 50 basis point cut. The CME Fed Monitor tool indicates a 19% chance of a major rate cut after the September 16-17 meeting, a possibility that had been discounted before the NFP release.
In Switzerland, SNB President Martin Schlegel tempered expectations of negative interest rates, stating that he has a high bar for further rate cuts, given the undesirable side effects of negative rates on savers and pension funds. This statement has provided additional support for the Swiss franc. (alg)
Source: FXstreet
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