USD/CHF steadies around 0.9160 after marking the biggest daily slump in nearly 2.5 months the previous day. The Swiss currency pair’s fall on Tuesday could be linked to the broad US Dollar weakness and the firmer equities, which in turn enabled the quote to ignore downbeat data at home.
That said, the Swiss Retail Sales for December slumped to -2.8% YoY versus 2.6% expected and -1.4% prior.
On the other hand, the US Employment Cost Index (ECI) for the fourth quarter (Q4) gained major attention as it eased to 1.0% versus 1.1% market forecasts and 1.2% prior readings. Further, the Conference Board (CB) Consumer Confidence eased to 107.10 in January versus 108.3 prior. It should be noted that no major attention could be given to the US Chicago Purchasing Managers’ Index (PMI) for January which rose to 44.3 versus 41 expected and 44.9 previous readings.
Further, upbeat Wall Street closing, due to firmer earnings from industry majors like General Motors, Exxon and McDonalds, also exert downside pressure on the US Treasury bond yields and favored the US Dollar bears.
Amid these plays, the US Dollar Index (DXY) snapped a three-day rebound, staying defensive near 102.00 by the press time.
Moving on, multiple US PMIs for January may entertain USD/CHF pair traders ahead of the Federal Reserve’s (Fed) interest rate decision. Even so, major attention will be on how Fed Chairman Jerome Powell could defend his hawkish bias as the 0.25% rate hike is already priced-in.
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