Swiss Franc gives back some early gains against US Dollar, US CPI in focus
The Swiss Franc (CHF) pares some of its early gains against the US Dollar (USD) during the early European trading session on Friday. The USD/CHF pair is 0.26% lower at around 0.8048 even after a slight recovery move.
The Swiss Franc pair surrenders some gains as the US Dollar attracts slight bids amid a recovery in oil prices. At press time, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.14% lower to near 100.80 after revisiting the three-week low of 100.60 earlier in the day.
Oil prices corrected sharply on Thursday after a United States (US) official confirmed that technical talks with Iran are still on despite President Donald Trump declaring the collapse of the memorandum of understanding (MoU).
However, continued exchange of attacks between the US and Iran have resurfaced fears of energy supply disruption, a scenario that could prompt the US inflationary pressures further.
To get cues regarding the current status of US inflation, investors await the Consumer Price Index (CPI) data for June, which will be released on Tuesday. The data is expected to show that the core CPI – which excludes volatile items such as food and oil – grew at a steady pace of 2.9% Year-on-Year (YoY).
On the Swiss Franc front, the currency trades higher against its major peers, except the Japanese Yen (JPY) amid a cautious market mood.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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