USD/CHF declines towards 0.9700 amid weaker DXY, US Michigan CSI eyed – by Sagar_Dua24 USDCHF Fed SNB GDP RetailSales
USD/CHF is expected to fall to near 0.9700 as DXY has lost its appeal on weaker US GDP data.In today’s session, US Michigan CSI is seen to stabilize at 59.5.is eyeing more weakness in the Asian session amid a drop below the critical support of 0.9750. The asset is declining towards the round-level support of 0.9700 as the US dollar index is going through severe pain on expectations of a slowdown in the pace of hiking interest rates by the Federal Reserve .
Currently, the Fed is busy preparing a monetary policy roadmap for the remaining 2022. Fed policymakers are of the view that bigger rate hikes are still in vision as price pressures have not shown a significant decline yet. In case of bigger rate hike announcements in the first week of November and the mid of December when the Fed has scheduled policy meetings, the deviation from a terminal rate of 4.6% will remain extremely low. This will force the Fed to calm down the rate hike spree and stay with the rates for a longer period till the observation of a decline in inflationary pressures for several months.
Apart from that, weaker US Gross Domestic Product data brought weakness to the DXY. The US Bureau of Economic Analysis reported a decline in the extent of economic activities consecutively by 0.6% on an annualized basis. Going forward, the US Michigan Consumer Sentiment Index data will remain in focus. The sentiment data is expected to remain steady at 59.5.data. The economic data is expected to improve by 3.6% vs. the prior improvement of 2.4% on an annual basis.
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