USD/CHF clings near 0.9050 on steady USD
- USD/CHF prints some fresh gains on Wednesday in the Asian session.
- US Dollar Index remains steady at 92.00 despite softer economic data.
- The Swiss franc remains in demand amid market uncertainty on its safe-haven appeal.
USD/CHF gains in the Asian trading session on Wednesday. The pair hovers in a narrow trade band with no meaningful traction.
At the time of writing, USD/CHF is trading at 0.9041, up 0.06% for the day.
The US dollar index trades at 92.08, with 0.02 gains in the Asia-pacific timings. The greenback remains under selling pressure after the Fed’s less hawkish tone and the mixed economic data.
The US ISM Manufacturing Purchase Manager Index (PMI) fell to 59.5 in July, below the market forecasts of 60.9, the weakest reading in the previous six months.
On the other hand, the Swiss franc gained on its strong economic data.
The Swiss Consumer Confidence jumped 7.8 in Q3. It is the highest reading since 2010. There was also the anticipation of an improvement in unemployment data, with the readings at 29 slightly below the pre-pandemic level.
As for now, traders are waiting for the US ADP Employment Change to gauge the market sentiment.
USD/CHF additional levels