USD/CHF directs three-day losing streak towards 0.9000 as Swiss GDP, US Consumer Confidence loom – by anilpanchal7 USDCHF RiskAversion GDP ConsumerConfidence Fed
Swiss Franc buyers cheer the broad US Dollar pullback amid mildly upbeat sentiment. Also likely to have favored the pair sellers could be the consolidation ahead of today’s key Swiss Gross Domestic Product data for the first quarter of 2023, as well as the US Conference Board’s Consumer Confidence for May.
That said, the US Dollar Index reverses from a six-month-old resistance line to print the first daily loss in seven around 104.10 as firmer sentiment weigh on the US Dollar’s haven demand. Underpinning the market’s cautious optimism is the return of the traders in major bourses after a long weekend and then the reaction to the US policymakers’ deal on the debt-ceiling extension to January 2025. Though, fears emanating from some of the US policymakers, mostly Republicans, are against the compromises made to their previous demands to reach the deal.
While portraying the mood, the S&500 Futures print mild gains around 4,220 after retreating from the yearly high the previous day whereas the US Treasury yields drop by the press time. Looking forward, Swiss Q1 GDP, expected to improve to 0.1% QoQ versus 0.0% prior, will offer immediate directions toahead of the US CB Consumer Confidence for May, expected to ease from 101.30 prior readings. Above all, Wednesday’s US House voting on the debt-ceiling agreement and the Senate’s approval for the same before June 05, as well as Friday’s US jobs report, become the key for the USD/CHF pair traders to watch for clear directions.
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