ADP Only 22,000, USD/CHF Continues to Move "Flatter"
USD/CHF remained flat on Wednesday (February 4th) at around 0.7752, barely changing from the previous close (0.7753) — or around -0.01% on a daily basis. This narrow movement reflects one thing: the market hasn't found a strong enough catalyst to push the dollar out of "wait and see" mode.
Today's main trigger came from US private sector employment data. The ADP report showed private sector job additions of only +22,000 in January, well below market expectations (around 45,000–48,000). This figure reinforces the signal that labor market momentum is starting to cool, although annual wage growth is still said to be +4.5%.
On the dollar side, the dollar index (DXY) also hasn't made an aggressive move—moving relatively limitedly in the 97.4 range. This aligns with the market's ongoing consideration of whether the weak labor market data will be enough to open up more leeway for future policy easing, or whether it's simply temporary noise.
Meanwhile, in Switzerland, investor focus remains on SNB policy amid low inflation. SNB Chairman Martin Schlegel emphasized the central bank's commitment to price stability and readiness to act if needed—which helps keep the CHF "strong" when the USD is uncertain.
Source: Newsmaker.id
