USD/CHF bulls retain control near multi-week high, await sustained move beyond 0.9800 – by HareshMenghani USDCHF Fed RiskAppetite Recession Currencies
um lifted spot prices to a three-and-half-week high during the early part of the European session, with bulls still awaiting sustained strength beyond the 0.9800 mark.
The US dollar attracted fresh buying on the first day of a new week and inched back closer to a two-decade high touched on Friday amid hawkish Fed expectations. In fact, the markets seem convinced that the US central bank would retain its aggressive policy tightening path to combat stubbornly high inflation. The bets were reaffirmed by the FOMC minutes released last Wednesday, indicating that another 50 or 75 bps rate hike is likely at the July meeting.
Friday's upbeat US monthly jobs report , which showed that the economy added 372K jobs in June, reinforced fasterrate hikes and continued underpinning the greenback. This, in turn, was seen as a key factor that acted as a tailwind for the USD/CHF pair. That said, the prevalent risk-off environment offered some support to the safe-haven Swiss franc, which held back bulls from placing aggressive bets around the USD/CHF pair and capped the upside at least for now.
The market focus now shifts to the release of the latest US consumer inflation figures, due on Wednesday. This week's US economic docket also features the release of monthly
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