DailyBubble News
DailyBubble News

USD/CHF holds a position above 0.9050 amid firmer US Dollar

USD/CHF remains steady as US Dollar sees upward correction. Recent lower US labor data sparks hopes for rate cuts by Fed in 2024. Swiss Unemployment Rate (MoM) decreases slightly to 2.3% in April from 2.4% prior.

USD/CHF is holding its ground around 0.9060 in early European trading, supported by a rebound in the US Dollar. However, the Greenback may face resistance as investors are encouraged by softer US labor data, leading to speculations of potential rate cuts by the Federal Reserve next year.

The US Dollar Index (DXY) is up around 105.20, but weaker US Treasury yields are preventing further gains. 2-year and 10-year yields on US Treasury bonds are at 4.80% and 4.45% respectively.

In Switzerland, the Unemployment Rate (MoM) dipped to 2.3% in April from 2.4% in the previous month. The number of unemployed individuals decreased by 1,636 to a total of 106,957. When adjusted for seasonal factors, the jobless rate remained constant at 2.3% in April.

Swiss National Bank (SNB) Chairman Thomas Jordan discussed the potential for digitally tokenizing financial assets to improve payment security and efficiency during an event in Basel. Jordan did not touch on economic or monetary policy in his speech.

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