Ella 
On Wednesday, traders will focus on weekly U.S. jobless claims, durable goods orders and a survey of U.S. economic sentiment.
USD/CHF is trading lower during the Asian session on Wednesday. A weaker dollar dragged USD/CHF to its lowest level since September. Markets remain subdued ahead of the U.S. Thanksgiving holiday later this week. The pair is currently trading around 0.8832, down 0.06% on the day.
Minutes of the Federal Open Market Committee (FOMC) meeting released on Tuesday showed that all participants agreed that policy decisions at each meeting will continue to be based on all information received. Furthermore, all participants agreed that monetary policy should remain restrictive until inflation continues to move toward the Committee’s objective. Market participants believe that the Federal Reserve (Fed) has ended its interest rate hike cycle and is expected to cut interest rates in mid-2024. This in turn puts some selling pressure on the US dollar and is bearish for the USD/CHF pair.
In the Swiss franc, the Swiss trade balance fell to CHF 4.6 billion in October from CHF 6.282 billion in the previous month. Imports fell to 18.491 billion Swiss francs from 18.491 billion Swiss francs in September, while exports fell to 23.091 billion Swiss francs from 24.788 billion Swiss francs. Thomas Jordan, chairman of the Swiss National Bank (SNB), said he would not rule out another interest rate hike in the future. The hawkish comments boosted the Swiss franc against the dollar.
Later on Wednesday, market participants will focus on weekly U.S. jobless claims, durable goods orders and the University of Michigan Consumer Sentiment Survey. Attention will turn to Friday’s U.S. S&P Global Purchasing Managers’ Index data. These data may provide direction for the USD/CHF pair.
