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24 Oct 2022

USD/CHF consolidating around 1.0000 after pulling back from 1.0145

  • US dollar's decline from 1.0145 finds support at 0.9965.
  • The greenback consolidates in a calm market session.
  • US macroeconomic figures are mixed on Monday.

The US dollar has been trading sideways against the Swissie on Monday. The pair has remained moving roughly between  0.6965 and 1.0030, consolidating losses after Friday’s reversal from the 1.0145  high.

The USD treads water on a cautious session

Investors seem to have entered the week in a vigilant mood, ahead of key monetary policy decisions later this week. The Bank of Canada and The European Central Bank are expected to approve hefty interest rate hikes, aiming to tame the soaring inflationary pressures.

In China, the confirmation of Xi Jinping’s unprecedented third term this weekend has contributed to dampening investor sentiment. Market concerns that Jinping's zero-COVID policy might trigger a new set of lockdowns and hurt economic growth have put a lid on risk appetite.

On the macroeconomic front, the upbeat Chinese data has failed to improve the market mood. Chinese GDP expanded beyond expectations in the third quarter and the trade surplus increased due to a significant increase in exports.

In the US, however, data have been mixed. The Chicago Fed National Activity Index increased 0.1% against expectations of a 0.4% decline, while the S&P PMI showed that both, services and manufacturing sectors’ activity contracted beyond expectations in October.

Technical levels to watch

 

 

Oct 24, 2022

Gold Price Forecast: XAU/USD bulls seeking a move to key daily resistance

Gold is under pressure on Monday as it pulls back from the highs reached at the start of the day around $1,670, 0.5% higher than the current spot pric
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Oct 24, 2022

GBP/USD dips below 1.1300 as the Sunak effect fades

The pound is depreciating moderately on Monday, despite the initial positive reaction to the news about the election of Rishi Sunak as the next Prime
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