USD/CHF clings to mild gains above 0.9200 ahead of Swiss ZEW data, SNB Quarterly Bulletin – by anilpanchal7 USDCHF SNB Fed Inflation RiskAversion
fortnight the previous day before portraying the latest inaction above 0.9200, up 0.10% near 0.9208 by the press time.
The latest challenges to the previous optimism, mainly from the geopolitical front, join upbeat US Treasury bond yields to help the US Dollar in extending the late Tuesday’s rebound from the weekly low. Among them, headlines suggesting the US blacklisting of Chinese companies and Beijing’s dislike for a meeting between the White House Speak and Taiwan President. Also testing the risk-on mood could be the two-week high upbeat US inflation expectations, per the 10-year and 5-year breakeven inflationEven so, the Swiss National Bank’s ability to tame the Credit Suisse turmoil, as well as optimism surrounding the Silicon Valley Bank deal, keeps the risk profile positive.
It’s worth noting that an absence of major disappointments from the US data also allows the USD/CHF pair to grind higher. On Tuesday, US Conference Board Consumer Confidence rose to 104.2 in March, versus 101.0 expected and an upwardly revised prior figure of 103.4. Further, US Housing Price Index rose 0.2% MoM in January versus -0.6% expected and -0.1% prior while the S&P/Case-Shiller Home Price Indices matched 2.5% YoY forecasts for the said month compared to 4.5% previous readings.
Amid these plays, US 10-year and two-year Treasury bond yields print a three-day uptrend around 3.58% and 4.10% respectively while the S&P 500 Futures print mild gains, the first in three. Further, theLooking forward, Swiss ZEW Survey details for March can offer immediate directions to the USD/CHF pair ahead of the SNB’s Quarterly Bulletin and the second-tier US data.
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