USD/CHF jumps to 0.9070 as Switzerland’s soft CPI weakens Swiss Franc

The USD/CHF pair rose to 0.9070 following the release of weaker-than-expected Swiss CPI data, leading to expectations of further rate cuts by the SNB. The SNB has been leading the rate-cut cycle among developed economies, with a recent 25 basis point cut to 1.5%. Inflation in Switzerland remained stagnant in March, with expectations of growth not being met. The US Dollar weakened ahead of the US NFP report, with the US Dollar Index falling to 104.12 due to disappointing US Services PMI data. Investors are now looking towards the upcoming US Nonfarm Payrolls data for March, with expectations of lower job growth compared to previous months.