USD/CHF Continues To Weaken As US Retail Sales Fall By Most In Two Years
The USD/CHF pair continued to weaken around 0.8990 during the early European session, pressured by a weaker US Dollar (USD). US Federal Reserve (Fed) Chairs Patrick Harker and Michelle Bowman will speak on Monday. Swiss Industrial Production will be released on Tuesday.
US Retail Sales plunged by the most in almost two years in January, weighing on the greenback. Data released by the US Census Bureau on Friday showed that US Retail Sales fell by 0.9% in January, compared to a 0.7% increase (revised from 0.4%) previously. This reading was lower than the estimate for a 0.1% decline. Traders raised bets that the Fed will cut rates again as early as June.
Meanwhile, US Industrial Production rose by 0.5% MoM in January, compared to a 1.0% increase (revised from 0.9%) in December. This reading was better than the estimate for a 0.3% increase.
Trump administration officials are set to meet with Russian officials on Tuesday in Saudi Arabia to discuss a possible deal to end the war in Ukraine. If talks between U.S. and Russian officials improve the chances of a peace deal ending the war, demand for safe-haven assets could ease. However, geopolitical uncertainty and concerns are likely to boost the Swiss Franc (CHF).
Source: FXStreet
