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Swiss Franc rebounds post mixed US data, Swiss retail sales

Mohamed Abdelhamid 31 August, 2023 8:48 pm Forex Market, Market Update

The US PCE inflation figures align with forecasts, and Swiss retail sales plunge -2.3% MoM. Mixed employment data in the United States sets the scene for a crucial Nonfarm Payrolls report, while a morning star chart pattern suggests a potential upside for USD/CHF.

The US Dollar gains ground as PCE inflation meets estimates and on month-end flows. The US Nonfarm Payrolls report for August is crucial, and mixed employment data may clear some clouds. The US Dollar Index climbs 0.51%, reaching 103.707.

Swiss retail sales for July were worse than estimated, plunging -2.3% MoM, below the revised June 1.5% gain.

The Swiss National Bank (SNB) foresees CPI to rise to 2.2% in 2023 and 2024, with money market futures expecting the SNB to keep rates unchanged.

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