Search ForexCrunch
  • USD/CHF edges lower toward 0.9000 ahead of US data.
  • US Dollar Index continues to float above 90.00 on Thursday.
  • Wall Street’s main indexes look to start the day little changed.

After spending the first half of the day around 0.9050, the USD/CHF pair lost its traction and was last seen losing 0.35% on the day at 0.9006.

DXY tests 90.00 ahead of US data

The USD’s market valuation continues to drive USD/CHF’s movements. The US Dollar Index (DXY) snapped a four-day losing streak and closed in the positive territory on Wednesday boosted by the relatively hawkish tone seen in the FOMC’s April meeting minutes. Additionally, the sharp upsurge witnessed in the benchmark 10-year US Treasury bond yield helped the USD outperform its rivals. Nevertheless, the DXY seems to have gone into a consolidation phase on Thursday and was last seen losing 0.2% at 90.02.

The publication showed that some policymakers wanted to start talking about adjustments to asset purchases in the upcoming meetings if the economy continued to improve toward the Fed’s goals.

Later in the session, the US Department of Labor will release the weekly Initial Jobless Claims data. The Federal Reserve Bank of Philadelphia will publish its Manufacturing Survey for May as well.

Meanwhile, Nasdaq Futures are flat on the day and the S&P Futures are posting modest losses, suggesting that US stocks are likely to start the day near Wednesday’s closing levels.

Technical levels to watch for

 

Expert score

5

Etoro - Best For Beginner & Experts

  • 0% Commission and No stamp Duty
  • Regulated by US,UK & International Stock
  • Copy Successfull Traders
Your capital is at risk.