Image source: Pixabay
The USD/CHF pair edges higher to 0.8955, snapping the two-day losing streak during the early European session on Monday. The firmer US Dollar (USD) provides some support to the pair. Later in the day, market players will watch the Swiss Producer and Import Prices for June, the NY Empire State Manufacturing Index for July, and the Fed’s Mary Daly speech. The US producer prices increased slightly more than forecast in June amid a rise in the cost of services, which lifted the Greenback against the CHF. The US Producer Price Index (PPI) rose to 2.6% YoY in June, compared to the previous reading of 2.4%, above the market consensus of 2.3%. The core PPI climbed 3.0% YoY, better than the market expectation of 2.5%. Furthermore, the University of Michigan’s Consumer Sentiment Index survey dropped to 66.0 in July from 68.2 in June, the lowest in seven months, falling short of the expected increase to 68.5. However, the hotter-than-expected wholesale inflation data did not change expectations that the US Federal Reserve (Fed) could start cutting interest rates in September. Financial market pricing indicates over a 90% chance that the Fed will start its rate-cutting cycle in September and the bets were lifted by another soft US consumer inflation report released last week. On the other hand, an attempted assassination of former US President Donald Trump on Saturday might boost safe-haven flows, which benefit the Swiss Franc (CHF) against the USD. According to the BBC, Donald Trump was shot in the ear during his rally in Butler, Pennsylvania, in an assassination attempt. One spectator was killed in the attack, two others were critically injured and Trump was pictured with blood spilling from his ear. More By This Author:Silver Price Forecast: XAG/USD Faces Some Selling Pressure Below $31.50 As US Dollar Rebounds
USD/CHF Weakens Below 0.9000 Ahead Of US PPI Data
EUR/GBP Extends Decline Below 0.8450 As Uk Economy Rebounds Faster Than Expected
