USD/CHF recovers some lost ground to 0.8770, investors await US PPI – by lilyfinancial USDCHF Majors Macroeconomics Inflation
Index , a measure of the value of the USD against six other major currencies, surges above 102.60 on Friday, the highest daily close in a month.
The US Bureau of Labor Statistics reported on Thursday that the US Consumer Price Index rose to 3.2% YoY from 3% in June. The figure was below the market consensus of 3.3%. While, the Core CPI figure, which excludes volatile food and energy prices, fell to 4.7% from 4.8%. Additionally, the US Initial Jobless Claims increased to 248,000, above the expectation of 230,000. In response to the data, the US Dollar reversed its course and strengthened against its rivals.
On the Swiss front, US President Joe Biden issued an executive order on Wednesday prohibiting new US investments in China in sensitive technologies. That said, the US intends to target only Chinese companies that generate more than 50% of their revenue from quantum computation and artificial intelligence .
However, the restrictions would apply to "narrow subsets" of the three domains, but the administration did not provide further details and the proposal is available for public comment. The exacerbated trade war tensions between the world’s two largest economies might benefit the safe-haven Swiss Franc and act as a headwind for the USD/CHF pair.
Earlier this week, the Swiss Unemployment Rate came in at 1.9% in July, matching expectations. The figure remained unchanged compared to the June reading and marked its lowest level since October 2022.. The figure is expected to rise from 0.1% to 0.7% YoY. Also, the University of Michigan Consumer Confidence Survey will be due in the American session. Investors will keep an eye on the data and find trading opportunities around the USD/CHF pair.
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