The post USD/CHF drops to near 0.9000 due to dovish sentiment surrounding the Fed appeared on BitcoinEthereumNews.com.

USD/CHF extends losses due to growing expectations of multiple rate cuts by the Fed in 2024. Fed’s Neel Kashkari said that the US Fed should maintain policy rates at their current level for longer. Traders await Swiss Industrial Production (Q1) due on Friday, seeking fresh impetus on manufacturing conditions in the country. USD/CHF continues its losing streak, hovering around 0.9000 during the European trading session on Thursday. The pair received pressure as the US Dollar (USD) struggled due to growing expectations of multiple rate cuts by the Federal Reserve (Fed) in 2024. This dovish sentiment surrounding the Fed was bolstered after the release of the lower-than-expected monthly Consumer Price Index (CPI) and Retail Sales data from the United States (US). US CPI decelerated to 0.3% month-over-month in April and came in at a lower-than-expected 0.4% reading. While Retail Sales flattened, falling short of the expected increase of 0.4%. However, Minneapolis Federal Reserve Bank President Neel Kashkari remarked on Wednesday that the US Fed should maintain policy rates at their current level “for a while longer until they ascertain the direction of underlying inflation.” On the Swiss front, Producer and Import Prices (YoY) decreased by 1.8% in April, showing a slight improvement from the previous decline of 2.1%. This marked the twelfth consecutive period of decrease, albeit at the slowest rate since December 2023. Furthermore, traders are anticipated to closely observe Industrial Production (YoY) for the first quarter, set to be released on Friday. This report will offer insights into the volume of production across various sectors, including factories and manufacturing, in Switzerland.   Source: https://www.fxstreet.com/news/usd-chf-drops-to-near-09000-due-to-dovish-sentiment-surrounding-the-fed-202405160815

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Filed under: News - @ May 16, 2024 9:20 am