It might not be on every trader’s radar, but the euro/Swiss franc (EUR/CHF) currency pair has reached its highest level since the Swiss National Bank’s decision to scrap its 1.20 floor in January 2015.
The U.S. dollar’s recovery attempt since last week has been futile. Thanks to poor economic data, Fed officials’ dovish comments and fears over the economic impact of the hurricane, not many people are willing to stand in the way of the dollar’s spectacular slump since the turn of the year.
The U.S. dollar is mixed against majors after staging a comeback late in the week. The USD regained some ground even though the biggest indicator in the market the U.S. non farm payrolls (NFP) report disappointed by adding less than the expected number of jobs (156,000 versus 180,000) but the data point that had more significance was the low pace of growth of wages at 0.1%. A third rate hike for U.S. interest rates could be pushed back to next year if inflation does not pick up convincing the Federal Reserve.