The USD/CHF pair edges lower to 0.8781 after retreating from the 0.8803 high during the early Asian session on Friday. Meanwhile, the US Dollar Index
Unemployment claims increased to 239K, below the market expectation of 240K; Philly Fed Manufacturing Survey improved to 12, above -10 expected.
China's second-largest real estate company filed for bankruptcy in a US court under Chapter 15 on Thursday.The USD/CHF pair edges lower to 0.8781 after retreating from the 0.8803 high during the early Asian session on Friday. Meanwhile, the US Dollar Index , a measure of the value of USD against six other major currencies, consolidates its gains around 103.40 in the quiet day for economic calendar.
The labor US data on Thursday showed that the number of unemployment claims increased to 239K for the week ending on August 12. The figure came in slightly below the market expectation of 240K and suggests that the US labor market is robust. The Continuing Jobless Claims increased to 1.716 million, the highest level seen in the last four weeks.
The upbeat labor data on Thursday might convince the Federal Reserve for further tightening of monetary policy. That said, FOMC Minutes emphasized that inflation remained unacceptably high. The Fed official saw significant inflationary risks, and it may need additional rate hikes to bring inflation to the longer-run target. Federal Reserve officials endorsed that future rate decisions would be based on the incoming data, but they would be more cautious in the coming months.
On the other hand, markets turn cautious following China’s economic woes. Evergrande, China's second-largest real estate company filed for bankruptcy in a US court under Chapter 15 on Thursday, according to Reuters. This report fuels the fear of a potential Chinese property catastrophe. Additionally, Fitch Ratings might reconsider China's A+ sovereign.
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