USD/CHF remains range-bound around 0.8770 ahead of Swiss data, US Retail Sales – by lilyfinancial USDCHF Majors Macroeconomics
lue of USD against six other major currencies, extends its upside just below 103.00 and trades in a weekly positive note for four weeks in a row. The major remains capped around the 0.8800 barrier ahead of the Swiss Producer and Import Price Index for July. for final demand YoY rose 0.8% in July from 0.1% in June. The figure was higher than the market expectation of 0.7%. Additionally, the University of Michigan's Consumer Confidence Index for July fell to 71.2 from 71.
On the Swiss front, investors worry about the exacerbated trade war tensions between the US and China, the world’s two largest economies. Following President Joe Biden's decision to limit certain US technology investments in China, US investors expressed concern that Beijing might retaliate or refrain from purchasing American technology. Investors will keep an eye on the headlines in the US-China relationship.
Last week, the Swiss Unemployment Rate came in at 1.9% in July, matching expectations. The figure remained unchanged compared to the June reading and marked its lowest level since October 2022. Moving on, the release of US Retail Sales will be due on Tuesday. The figure is expected to rise from 0.2% to 0.4% on a monthly basis. Market participants will closely watch the FOMC minutes and the
officials’s comments for the Jackson Hole Symposium. Also, the Swiss Producer and Import Prices for July will be released later this week. Traders will take cues from the data and find trading opportunities around the USD/CHF pair.
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