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22 Jan 2024

USD/CHF moves higher to near 0.8680 as Fed members maintain a hawkish stance

  • USD/CHF moves on an upward trajectory after hawkish remarks from the Fed members.
  • Fed’s Mary Daly stated that the central bank has substantial work in achieving the 2.0% inflation target.
  • Swiss Franc continues to lose ground after SNB Jordan’s warning on appreciated CHF.

USD/CHF could extend its winning streak that began on January 11, trading near 0.8680 during the Asian hours on Monday. However, the US Dollar (USD) could receive downward pressure as the market participants expect that the US Federal Reserve (Fed) might implement more significant policy rate reductions in 2024 compared to other major central banks worldwide.

However, the hawkish comments from Federal Reserve (Fed) members may serve to mitigate the losses of the US Dollar. San Francisco Fed President Mary Daly, in her remarks on Friday, conveyed the view that the central bank has substantial work ahead in achieving the goal of bringing inflation back down to the 2.0% target. Furthermore, Atlanta Fed President Raphael Bostic emphasized his willingness to adjust his outlook on the timing of rate cuts, underscoring the Fed's commitment to a data-dependent approach.

The Swiss Franc (CHF) faced selling pressure after Swiss National Bank (SNB) Chairman Thomas Jordan warned last week regarding the appreciating trend of the Swiss Franc (CHF). Speaking at the World Economic Forum (WEF) in Davos, Jordan expressed concerns about the potential impact of the Swiss Franc's strength on the SNB's ability to maintain inflation above zero in the Swiss domestic economy.

The Federal Statistical Office of Switzerland has reported that the Producer and Import Prices (YoY) declined by 1.1% in December. Although this is a decrease, it is slightly less than the previous decline of 1.3%. On a monthly basis, the data showed a decrease of 0.6%, aligning with expectations. With no new data on the Swiss economic calendar this week, traders are anticipated to await the release of Real Retail Sales and the ZEW Survey – Expectations next week for further insights into the economic landscape of Switzerland.

 

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