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5 Jan 2024

USD/CHF trades higher near 0.8500 amid improved US Dollar, US labor data awaited

  • USD/CHF continues to gain mild profits as the US Dollar retraces its recent losses.
  • The prevailing risk-off mood, driven by expected sluggish global growth, supports the Greenback.
  • Traders await pivotal Swiss Inflation and Real Retail Sales data to gain further impetus on the economic scenario.

USD/CHF extends its gains on the second consecutive session on improved US Dollar (USD), which could be attributed to the risk-off mood due to the expected sluggish global growth at the end of 2024. The US Dollar Index (DXY) cheers on the improvement in US Treasury yields. Moreover, on Thursday, the upbeat labor data from the United States (US) supported the buck to limit its losses. The USD/CHF pair trades near 0.8500 during the Asian session on Friday.

The employment landscape in the US for December showcased a notable upswing, with the ADP Employment Change revealing a substantial addition of 164K new positions, exceeding both the previous figure of 101K and the market's expectation of 115K. Furthermore, Initial Jobless Claims for the week ending on December 29 displayed a reduction in claims of unemployment benefits, decreasing to 202K from the previous 220K, surpassing the anticipated 216K. The market is on edge as traders eagerly await the release of further data from the US employment market. The focus is particularly on crucial indicators like Average Hourly Earnings and Nonfarm Payrolls (NFP) data for December.

On the other side, the Swiss Franc (CHF) appears to have experienced a limitation in losses, a trend that could be attributed to intervention in the foreign exchange market by the Swiss National Bank (SNB). Furthermore, the release of the SVME Manufacturing Purchasing Managers Index (PMI) for December on Wednesday showed an improvement, with the figure rising to 43 from the previous 42.1. The positive shift in business conditions within the manufacturing sector might be influencing the buying sentiment surrounding the Swiss Franc (CHF).

Traders await pivotal data releases from Switzerland, including the Consumer Price Index and Real Retail Sales, which are scheduled to be unveiled on Monday. These releases can serve as important indicators of Swiss economic health and may influence market sentiments, guiding trading decisions in the USD/CHF pair.

 

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