USD/CHF Pares Weekly Gains Beyond 0.9600 Before Jackson Hole.

 

The US dollar is weakening ahead of the significant data or event, which has led to the USD/CHF pair posting its worst daily loss in two weeks. The cautious optimism is supported by stimulus from China and the anticipation that central bankers may become less hawkish. In the midst of a slow day, the indications from the options market favor intraday bears.
US GDP and Core PCE will be used as decorations for the calendar, but risk catalysts are the most important factor.

During the early hours of Thursday morning in Europe, the USD/CHF currency pair accepted offers to renew intraday lows at 0.9625. In response, the value of the pair based on the Swiss franc (CHF) fell by the highest it has in over two weeks, reflecting widespread weakness in the US dollar.

As a result of the CHF fall, the US Dollar Index (DXY) drops by a half of a percent as bears attempt to break below the 108.00 level. This occurs because a risk-seeking attitude reduces the demand for the safe-haven dollar. The recent decline in rates on US Treasury securities is another factor pushing the DXY in a downward direction.

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