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18 Oct 2023

USD/CHF finds bids below 0.9000 ahead of Fed Powell’s speech

  • USD/CHF aims to defend the crucial support of 0.9000 amid a risk-off market mood.
  • The US Dollar remains well supported above 106.00 due to strong Retail Sales data.
  • Robust US Retail Sales were prompted by upbeat demand for automobiles, rising dining out, and higher gasoline prices.

The USD/CHF pair attempted recovery below the psychological level of 0.9000 in the European session. The broader outlook of the Swiss Franc asset is still bearish as the US Dollar is struggling to extend recovery despite robust United States Retail Sales data.

S&P500 futures generated some losses in the London session, portraying a cautious market mood due to the deepening Middle East crisis. US equities ended on a flat note on Tuesday as investors turned anxious about the upcoming quarterly result season.

The US Dollar Index (DXY) remains well supported above 106.00 as strong consumer spending in September conveyed that the US economy is resilient despite the headwinds of higher interest rates and the off-season.

The US Census Bureau reported on Tuesday that consumer spending momentum expanded at a higher pace of 0.7% in September against estimates of 0.3%. Robust retail sales were prompted by upbeat demand for automobiles, rising dining out, and higher gasoline prices.

Going forward, investors will keep watch for Federal Reserve (Fed) Chair Jerome Powell’s speech on Thursday. Investors seem baffled whether Jerome Powell would join his colleagues who support neutral interest rate guidance or will remain hawkish on the policy outlook.

On the Swiss Franc front, the appeal for the currency remains upbeat amid rising conflicts between Israel and Palestine. The demand for the Swiss Franc as a safe haven would remain upbeat due to deepening Middle East tensions.

 

Oct 18, 2023

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ECB’s Visco: Inflation not yet consistent with underlying price stability

European Central Bank (ECB) Governing Council member and outgoing Italian central bank Governor Ignazio Visco said on Wednesday, "a (monetary policy)
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