USD/CHF treads water to hold position, hovering around 0.9060 during the early European hours.
USD/CHF maintains its position amid an upward correction in the US Dollar. The recent lower US labor data has revived hopes for rate cuts by the Fed in 2024. The Swiss Unemployment Rate was recorded at a non-seasonally adjusted 2.3% in April, from 2.4% prior. The upward correction in the US Dollar provides support for the USD/CHF pair. However, The Greenback could face resistance due to investors’ optimism following the softer US labor data on Friday.
The number of unemployed individuals decreased by 1,636 compared to the previous month, totaling 106,957. When adjusted for seasonal factors, the jobless rate remained steady at 2.3% in April. According to Reuters, Swiss National Bank Chairman Thomas Jordan discussed exploring the optimal method for digitally tokenizing financial assets to enhance the security and efficiency of payments during an event in Basel on Monday.
Majors Macroeconomics Switzerland
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