The Swiss Franc Jumps to 7-Month High

2024-08-05

Summary:

The dollar fell on Monday after a poor jobs report. Fed fund futures show a 99% chance of a 50 bps rate cut at the September meeting, per LSEG data.

EBC Forex Snapshot, 5 Aug 2024

The dollar dropped on Monday after a dreadful jobs report. Fed fund futures reflected traders pricing a near 99% chance of a 50 bps cut at the central bank's September meeting, according to LSEG data.

Meanwhile, markets are also dealing with the risk of military escalation in the Middle East after latest developments in the war between Israel and Hamas in Gaza, which increased safe-haven demand.

USDCHF

The Swiss franc jumped higher to a seven-month high. But Swiss manufacturing conditions continued to suffer and the services sector also saw a print below 50 in July, pointing to some weakness in the economy.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 29 Jul)		HSBC (as of 5 Aug)
	support	resistance	support	resistance
EUR/USD	1.0796	1.0981	1.0806	1.0978
GBP/USD	1.2860	1.3045	1.2653	1.2993
USD/CHF	0.8743	0.9050	0.8413	0.8858
AUD/USD	0.6465	0.6799	0.6403	0.6690
USD/CAD	1.3590	1.3899	1.3721	1.3956
USD/JPY	151.53	155.00	141.41	155.26

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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