USD/CHF drops to 0.9165 area, retreats further from one-week high despite risk-on – by hareshmenghani USDCHF Fed Bonds RiskAppetite Currencies
ed earlier this Wednesday. The pair drops to the 0.9165 region during the first half of the European session and has now reversed a major part of the previous day's losses.
Against the backdrop of the Federal Reserve's less hawkish stance, a fresh leg down in the US Treasury bond yields is seen weighing on the and exerting some downward pressure on the USD/CHF pair. It is worth recalling that the US central bank last week toned down its approach to reining in inflation and signalled that a pause to interest rate hikes was on the horizon in the wake of the recent turmoil in the banking sector.
Even the prevalent risk-on mood - as depicted by a generally positive tone around the equity markets - does little to weigh on the safe-haven Swiss Franc or lend any support to the USD/CHF pair. This, in turn, suggests that the path of least resistance for spot prices is to the downside and any attempted recovery move is more likely to get sold into.
Market participants now look to the Swiss National Bank's Quarterly Bulletin for fresh clues about the domestic economy, especially after the recent developments surrounding the Credit Suisse saga. The US economic docket, meanwhile, features the release of Pending Homes Sales data, which, along with the US bond yields, might influence the USD and provide some impetus to the USD/CHF pair.
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