The post USD/CHF extends decline toward 0.8450 ahead of JOLTS Job Openings appeared on BitcoinEthereumNews.com.

USD/CHF loses ground as traders adopt caution ahead of key economic data from the United States. The US Dollar faces challenges as US Treasury yields extend losses amid rising odds of a Fed rate cut. Swiss Consumer Price Index eased to 1.1% YoY in August, down from July’s 1.3% and below market expectations of 1.2%. USD/CHF trades around 0.8480 during the early hours on Wednesday, extending losses for the second successive session. Traders adopt caution ahead of key economic data due this week, including the ISM Services PMI and Nonfarm Payrolls (NFP). This data could shed light on the potential size of an expected rate cut by the Fed this month. Furthermore, the Fed Beige Book and JOLTS Job Openings will be eyed later in the North American hours. The Greenback depreciates due to lower Treasury yields. The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against its six major peers, trades around 101.60 with 2-year and 10-year yields on US Treasury bonds standing at 3.86% and 3.83%, respectively, at the time of writing. However, the Greenback received support after the release of the ISM Manufacturing PMI. The index inched up to 47.2 in August from 46.8 in July, falling short of market expectations of 47.5. This marks the 21st contraction in US factory activity over the past 22 months. In Switzerland, the Swiss Federal Statistical Office released data on Tuesday, showing that the Consumer Price Index eased to 1.1% year-on-year in August, down from July’s 1.3% and below market expectations of 1.2%. Meanwhile, the CPI (MoM) reported no change at 0.0%, against the 0.1% rise in August. Additionally, Switzerland’s Gross Domestic Product (GDP) grew by 0.7% quarter-on-quarter in the second quarter, beating market forecasts and previous period’s 0.5% gain. This marked the fastest economic…

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Filed under: News - @ September 4, 2024 7:27 am