The USD/CHF currency pair hovered just above Tuesday’s low of 0.7871, its weakest level since September 2011, ahead of the key US Non-Farm Payrolls report later in the day, which may offer more insight into labor market conditions and the Fed’s future interest rate path.
Employers in all sectors of the US economy, excluding farming, probably added 110,000 job positions in June, according to market consensus, following a job growth of 139,000 in May.
A weaker-than-expected figure could add to expectations of a Fed rate cut as early as July.
The latest ADP data showed that US private payrolls had decreased for the first time in more than two years in June, since economic uncertainty weighed on hiring.
Meanwhile, investors pared bets on further interest rate cuts by the Swiss National Bank, following the Swiss CPI data.
Consumer prices in Switzerland rose 0.1% year-on-year in June, after a 0.1% drop in the preceding month. The latest figure also defied market consensus of a 0.1% fall.
The Swiss National Bank lowered its policy rate by 25 basis points to 0% at its June meeting, which brought borrowing costs to their lowest level since August 2022.
The USD/CHF currency pair was last up 0.11% on the day to trade at 0.7924.
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