The USD/CHF pair opens with a bearish gap on the first day of a new week, albeit manages to hold its neck above the 0.8900 mark through the Asian sess
ion. Spot prices currently trade around the 0.8910-0.8915 area, down nearly 0.20% for the day, and remain at the mercy of the US Dollar price dynamics.
Following the recent strong run-up, the USD Index , which tracks the Greenback against a basket of currencies, pulls back from a six-month high and turns out to be a key factor exerting some pressure on the USD/CHF pair. The USD downtick could be attributed to a strong pickup in demand for the Japanese Yen , bolstered by Bank of Japan Governor Kazuo Ueda's hawkish remarks over the weekend.
Market participants seem convinced that the US central bank will keep interest rates higher for longer and have been pricing in the possibility of one more 25 bps lift-off by the end of this year. The bets were reaffirmed by The Wall Street Journal report, stating that some officials still prefer to err on the side of raising rates too much, reasoning that they can cut them later.
Investors might also prefer to wait on the sidelines ahead of this week's key US macro releases – the latest consumer inflation figures on Wednesday, followed by the Producer
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