USD/CHF Rebounds Ahead Of US Labor Data, Heading Higher Near 0.9030

USD/CHF rose to around 0.9030 during early European trade on Friday, which could be attributed to a recovery in the US dollar (USD). USD/CHF was supported by a pickup in long-term 10-year U.S. bond coupon yields, which boosted the greenback.

The safe-haven Swiss franc (CHF) strengthened on Thursday as market caution increased as geopolitical tensions in the Middle East escalated. The tensions stem from Iran’s vow to retaliate against an Israeli attack on the Iranian embassy in Syria that resulted in Iranian military casualties.

Switzerland’s consumer price index (CPI) in March was 0.0% on a monthly basis, lower than expectations of 0.3% and 0.6% last month. CPI increased by 1.0% year-on-year, lower than the expected 1.3% and the previous value of 1.2%. CPI data for March came in lower than expected, raising expectations that the Swiss National Bank (SNB) will cut interest rates again.

The U.S. dollar (USD) came under downward pressure on Thursday amid weak U.S. employment data, supporting the EUR/USD currency pair. However, neutral comments from several Fed officials helped ease the dollar’s decline.

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