USD/CHF drops to near 0.9000 due to dovish sentiment surrounding the Fed

📆 5/16/2024 8:24 AM
📰 FXStreetNews

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USDCHF News

Majors,Macroeconomics,Switzerland

USD/CHF continues its losing streak, hovering around 0.9000 during the European trading session on Thursday.

USD/CHF extends losses due to growing expectations of multiple rate cuts by the Fed in 2024. Fed’s Neel Kashkari said that the US Fed should maintain policy rates at their current level for longer. Traders await Swiss Industrial Production due on Friday, seeking fresh impetus on manufacturing conditions in the country. The pair received pressure as the US Dollar struggled due to growing expectations of multiple rate cuts by the Federal Reserve in 2024.

On the Swiss front, Producer and Import Prices decreased by 1.8% in April, showing a slight improvement from the previous decline of 2.1%. This marked the twelfth consecutive period of decrease, albeit at the slowest rate since December 2023. Furthermore, traders are anticipated to closely observe Industrial Production for the first quarter, set to be released on Friday.

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