USD/CHF edges higher past 0.8650, ignores bearish bets on US Dollar ahead of US PMI, Fed decision – by anilpanchal7 USDCHF PMI Fed RiskAversion Currencies
F) pair rose for the first time in four weeks, bouncing off the lowest levels since late 2015, as thecheered upbeat data to challenge the dovish Fed bias. However, the recently bearish US Dollar bias of the asset managers and anxiety ahead of today’s preliminary readings of the US S&P Global PMIs for July challenge the pair buyers of late.
That said, Bloomberg quotes the US Commodity Futures Trading Commission data for the week ended on July 18 to state that asset managers boosted bearish dollar bets to a record 18% amid speculation slowing US inflation will hasten the end of the Federal Reserve’s 16-month run of policy tightening. It should be noted that the US Dollar Index flirts with the intraday low near 101.00 as it retreats from the highest level in eight days while portraying the market’s cautious mood. With this, the greenback’s gauge versus six major currencies prints the first daily loss in five, after reversing from the lowest levels since April 2022 in the last week.
In the last week, the US housing numbers and regional manufacturing indices were mostly downbeat but an improvement in the Retail Sales Control Group for June defended the Fed hawks, as well as the US Dollar buyers. On the same line were the previously released upbeat prints of the University of Michigan’s Consumer Sentiment Index and consumer inflation expectations for July.
Hence, the USD/CHF pair traders will not only pay attention to today’s US PMIs but will also closely observe the first readings of the US second-quarter 2023 Gross Domestic Product and Fed Chair Jerome Powell’s ability to defend the hawks for clear directions. At home, Wednesday’s Swiss ZEW Survey – Expectations and Friday’s KOF Leading Indicator for July can entertain the Swiss Franc pair traders.
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