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USD/CHF Jumps on a Weak Open Near 0.9310, Tracing the DXY's Recovery

Drake Hampton

Apr 11, 2022 10:46

  • USD/CHF has shrugged off the bearish opening and is aiming for last week's high of 0.9370.

  • The Fed's big interest rate hike is premised on a forecast of a higher US CPI print of 8.3 percent.

  • Mester of the Federal Reserve anticipates that inflation will remain elevated even next year.

 

The USD/CHF pair is surging higher on Monday following a slightly negative starting gap at approximately 0.9310. Typically, a stronger positive response by market players following a gap-down opening signal a bargain purchase for investors.

 

The pair is extending last week's optimism, as the Swiss unemployment rate remained constant at 2.2 percent, supporting the strong greenback against the Swiss franc.

 

The asset is tracking the US dollar index (DXY), which is predicted to continue printing huge swings as investors await Tuesday's release of the US Consumer Price Index (CPI). This will have a substantial impact on the Federal Reserve's (Fed) probable monetary policy move in May.

 

The market consensus estimates annual US inflation at 8.3 percent, far higher than the prior number of 7.9. On the inflation front in the United States, Cleveland Federal Reserve (Fed) president Loretta Mester indicated on Sunday that inflation will continue high this year and next despite the Fed's gradual slowing of price hikes, according to Reuters. To keep inflation below the target of 2%, a reasonable healthy time is required, and the Fed is expected to maintain a robust hawkish position until then.

USD/CHF

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