USD/CHF slips below 0.9140 as US Dollar retreats ahead of US preliminary PMI

USD/CHF edges down as US Dollar drops despite hawkish FOMC minutes. Preliminary US Manufacturing and Services PMI are estimated to grown steadily. The market sentiment is bullish amid firm Fed rate-cut bets. The Swiss Franc asset comes under pressure as the US Dollar edges down amid firm speculation that the Fed eral Reserve will start reducing interest rates from the September meeting. The market sentiment has improved due to firm Fed rate-cut prospects.

The reason behind strong investors’ confidence on rate cuts is that the commentary from officials was based on stubbornly higher inflation in the first quarter of this year. However, the Consumer Price Index report for April showed that price pressures declined in line with estimates. Meanwhile, investors await the US preliminary S&P Global PMI data for May, which will be published at 13:45 GMT. The Manufacturing and Services PMI are forecasted to have remained unchanged at 50.0 and 51.

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