The USD/CHF has slightly corrected to near 0.8950 in the European session. The Swiss Franc asset has faced barricades around 0.8970 as investors are shifting their focus toward the interest rate decision by the Swiss National Bank (SNB), which will be announced on Thursday.
S&P500 futures have become bearish again as investors are getting precautionary due to the extended weekend in the United States. The market participants will return on Tuesday as markets are closed on Monday because of Juneteenth.
The USD Index (DXY) has failed to extend the recovery move above 102.45. A sideways auction in the USD Index is widely expected as the street is divided about the interest rate guidance from the Federal Reserve (Fed). Although Fed chair Jerome Powell announced two interest rate hikes are appropriate this year, investors hope a single rate hike announcement will be made as US economic prospects are losing resilience.
Meanwhile, headlines from discussions between US Secretary of State Antony Blinken and China’s President XI Jinping do not significantly impact the FX domain. US Blinken cited his concern about Chinese businesses providing Russian military technology. US President Joe Biden has clarified that the economy doesn’t want a cold war with China.
On the Swiss franc front, investors are shifting their focus toward the Swiss National Bank (SNB) interest rate decision. SNB Chairman Thomas J. Jordan is expected to hike interest rates by 25 basis points (bps) as he believes a high-inflation environment will have more side effects than a low-inflation atmosphere.
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