USD/CHF renews its intraday high around 0.8855 while reversing the week-start losses amid early Tuesday morning in Europe. In doing so, the Swiss Fran
c pair takes clues from the US Dollar recovery, as well as the previous day’s downside Swiss Gross Domestic Product for the second quarter of 2023. prints mild gains around 104.25, after pausing a two-day uptrend the previous day, as it traces the firmer US Treasury bond yields ahead of the key US data. That said, the US 10-year Treasury bond yields rise three basis points to 4.21% after a holiday-driven inaction.
Elsewhere, Federal Reserve Bank of Cleveland President Loretta J. Mester defended the US central bank’s hawkish move and ruled out the rate cut bias in her speech on Friday. That said, the market’s bets on the Federal Reserve’s status quo in September contrasts with a recent improvement in the odds favoring a rate hike during late 2023.
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