USD/CHF drops towards 0.9100, Swiss GDP arrives stronger than expected

USD/CHF weakens to 0.9102 in Thursday’s early European session. The Swiss economy grew 0.5% QoQ in Q1, stronger than the estimation and the previous reading of 0.3% expansion. The Fed's Bostic said the central bank has a ways to go to curb the inflation seen over the last few years. The Swiss Franc gains traction after the release of a stronger-than-expected Switzerland’s Gross Domestic Product report for the first quarter of 2024. USD/CHF currently trades 0.32% lower on the day.

On the USD’s front, the hawkish messages from Fed officials and stronger-than-expected US economic data have triggered the expectation that the US central bank will delay the interest rate cut this year. On Wednesday, Fed Atlanta President Bostic said that he’s hopeful that the elevated price pressures seen during the COVID-19 pandemic will decline over the next year. Bostic added that the Fed still has a ways to go to curb the significant price growth seen over the last few years.

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