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USD/CHF Flat Amid Cautious Sentiment Ahead of Key Economic Events

Elena by Elena
29/05/2024
in CHF, News
What is the SWIFT Code for Royal Bank of Canada?
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During the early European trading session on Wednesday, the USD/CHF pair maintained a flat trajectory around the 0.9125 mark. Traders are exercising caution as they brace for significant inflation data releases later in the week. Additionally, attention is focused on the release of the Fed’s Beige Book report and a scheduled speech by Fed official John Williams.

The US Federal Reserve (Fed) is currently not anticipated to implement rate cuts until later in the year, given the persistent nature of inflationary pressures. Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, underscored this stance, noting that while the Fed’s policy remains restrictive, the possibility of further rate hikes cannot be discounted. Market sentiment reflects this cautious outlook, with CME FedWatch tool indicating a nearly 50% probability of the Fed maintaining rates in September.

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Recent data from the US Conference Board revealed an improvement in Consumer Confidence for May, surpassing expectations and rising to 102.0 from April’s 97.5. Despite this positive development, concerns regarding inflation persist, with consumers anticipating higher interest rates in the coming year. This dynamic continues to bolster the Greenback and provide support to the USD/CHF pair.

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Looking ahead, Switzerland’s State Secretariat for Economic Affairs (SECO) is set to release the nation’s Gross Domestic Product (GDP) data on Thursday. Projections suggest a QoQ expansion of 0.3% for the first quarter of 2024. A stronger-than-expected GDP reading could lend support to the Swiss Franc (CHF).

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In the backdrop of economic developments, geopolitical tensions in the Middle East remain a focal point for investors. Recent reports of Israeli forces shelling a tent camp in a designated “safe zone” west of Rafah, resulting in casualties, underscore the volatility in the region. Any escalation of geopolitical risks may further elevate demand for safe-haven assets like the CHF, potentially limiting upside potential for the USD/CHF pair.

Tags: demeekernespinflationinterest ratesiskkes
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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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