The USD/CHF Has Risen Above The 0.9200 Level After The Release Of Swiss CPI Data

During the early European session on Tuesday, the USD/CHF pair gained momentum above the 0.9200 level. The pair’s bullish move was supported by the release of stronger-than-expected US data and weaker-than-anticipated Swiss inflation data.

The latest data from the Swiss Federal Statistical Office, published on Tuesday, revealed that the nation’s Consumer Price Index (CPI) for September was 1.7% YoY, which was lower than the anticipated 1.8%. Monthly, the inflation figure fell to 0.1% vs. the previous 0.2% rise, below the market consensus of 0%. The Swiss Franc (CHF) lost momentum against the US Dollar in response to the downbeat data.

According to recent reports, the US manufacturing sector is not doing well. In September, the US ISM Manufacturing PMI showed a contraction with a score of 49.0. Although this was slightly higher than the expected score of 47.7, it was still a decrease from the previous reading of 47.6. Additionally, the Prices Paid Index dropped from 48.4 to 43.8, while the Employment Index increased from 48.4 to 51.2. Finally, the New Orders Index improved from 46.8 to 49.2.

Earlier today, Loretta Mester, the President of the Federal Reserve (Fed) Bank of Cleveland, stated that the Fed will most likely need to increase interest rates again in 2021. She also mentioned that the Fed’s monetary policy path will depend on the performance of the economy. Furthermore, Fed Governor Michelle Bowman stated yesterday that it will probably be necessary to further increase the policy rate and maintain it at restrictive levels for an extended period of time. The narrative of higher rates for a longer period in the US is favorable for the USD/CHF pair, giving a boost to the Greenback.

Traders are now waiting for the US JOLTS Job Openings for August, which is due on Tuesday. The focus will then shift to the US employment data later this week, including the US ADP report on Thursday and the US Nonfarm Payrolls, Average Hourly Earnings, and Unemployment Rate on Friday. Traders will take cues from these figures and find trading opportunities around the USD/CHF pair.

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