Ella 
During early European trading on Monday, USD/CHF was trading around 0.9015, with a mildly bearish trend. Dovish comments from Federal Reserve (FED) Chairman Jerome Powell on Friday weighed on the US dollar (USD) and capped USD/CHF’s upside. Market attention will turn to the U.S. March ISM Manufacturing Purchasing Managers Index (PMI) to be released later on Monday. Markets likely to remain subdued during Swiss Easter Monday bank holiday
Recent inflation data were in line with market expectations for February, which could keep the Fed on hold until it begins cutting interest rates this year. Markets are pricing in line with forecasts for three Fed rate cuts, according to CME Group’s FedWatch Tool. On Friday, the U.S. Bureau of Economic Analysis reported that the personal consumption expenditures (PCE) price index increased by 2.5% year-on-year in February, in line with market consensus. Meanwhile, PCE rose 0.4% month-over-month that month, missing expectations. Core PCE, the Fed’s preferred measure of inflation, rose 2.8% year-over-year and 0.3% month-on-month in February, in line with market expectations.
