The USD/CHF pair continued its downward trend near 0.9095 on Friday, as the US Dollar weakened. The Federal Reserve kept its benchmark rate unchanged on Wednesday, citing high inflation levels. Swiss CPI inflation exceeded expectations in April, rising to 1.4% YoY from 1.0% in March.
The pair has been in negative territory for three consecutive days, slipping from a seven-month high of 0.9224. Investors are awaiting the US Nonfarm Payrolls report for April, which is expected to show 243K job additions. The Fed Chair Powell noted that progress on inflation has slowed, leading to a longer timeline to reach the 2% target.
Switzerland reported higher-than-expected inflation in April, with the CPI climbing to 1.4% YoY. This news boosted the Swiss Franc, putting pressure on the USD/CHF pair. The Swiss National Bank expects inflation to remain within its target range in the coming years.