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12 Jan 2024

USD/CHF remains confined in a range above 0.8500 ahead of US PPI data

  • USD/CHF oscillates in a trading band around 0.8520 on Friday.
  • The upbeat US inflation and labor market data could challenge an expected March rate cut by the Federal Reserve (Fed).
  • The escalating tension in the Middle East might benefit the safe haven currency like the Swiss Franc (CHF).
  • The December US Producer Price Index (PPI) will be the highlight on Friday. 

The USD/CHF pair remains confined within a multi-week trading range of 0.8400-0.8575 during the early European trading hours on Friday. The firmer US Dollar (USD) following the upbeat US inflation data might lend some support to the pair. However, the upside of USD/CHF might be limited due to the escalating tension in the Middle East. At press time, the pair is trading at 0.8520, losing 0.02% on the day.

Inflation ticked higher in the United States in December. According to the Bureau of Labor Statistics, the US headline Consumer Price Index (CPI), rose at an annual pace of 3.4% in December from 3.1% in the previous month, beating expectations of 3.2%. On a monthly basis, the CPI figure grew by 0.3% from 0.1% in November. That being said, the upbeat US inflation and labor market data could potentially push back an expected March rate cut by the Federal Reserve (Fed).

On the other hand, the escalating tension in the Middle East might lift the safe haven flow like the Swiss Franc (CHF). On Thursday, the US and UK forces carried out attacks against multiple Houthi targets in Houthi-controlled regions of Yemen. US President Joe Biden said that “these strikes are in direct response to Houthi attacks against international maritime vessels in the Red Sea.”

Earlier this week, the Swiss Consumer Price Index (CPI) for December came in better than expected, climbing to 1.7% YoY from 1.4% in the previous reading. The Real Retail Sales arrived at 0.7% in November versus -0.3% prior, beating the estimation.

Moving on, the December US Producer Price Index (PPI) will be due later on Friday, which is forecast to rise 0.1% MoM and 1.3% YoY. Traders will take more cues from these data and find trading opportunities around the USD/CHF pair.

 

Jan 12, 2024

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USD/CAD retraces its recent gains registered in the previous session, edging lower to near 1.3380 during the Asian session on Friday.
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EUR/USD continues to gain ground for the third successive day, trading higher around 1.0980 during the Asian session on Friday.
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