USD/CHF falls further to 0.8800, marking a decline of 0.48%. US GDP continues to surpass market expectations, growing at 2.8% YoY. Markets increasingly expect rate cuts from the Fed and SNB in September. In Thursday's trading session, the USD/CHF continued to extend its decline, closing down by 0.48% at around 0.8800 despite the robust GDP figures released by the United States. This resulted in a total loss of over 2% for the pair during the last two sessions.
Another less significant yet positive data came from the US when it reported Initial Jobless Claims for the week that ended on July 19 at 235K, which showed improvements. In contrast, Durable Goods Orders in June witnessed a dramatic fall of 6.6%. The upcoming blackout period suggests that there won’t be any further comments from the Fed. Currently, the CME Fedwatch Tool strongly predicts a heightened prospect of a rate cut in September.
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Source: FXStreetNews - 🏆 14. / 72 Read more »