The USD/CHF currency pair settled above Friday’s low of 0.7956, its weakest level since July 28th, following a considerably slower than anticipated US job growth, which cemented expectations of a Federal Reserve interest rate cut this month.
Employers in all sectors of the US economy, excluding farming, added only 22,000 job positions in August, well below market consensus and the revised up 79,000 in July.
And, the unemployment rate went up to 4.3% in August, the highest since October 2021, from 4.2% in July.
The latest figures again highlighted signs of a cooling labor market.
Markets are now pricing in about an 88% chance of a 25 basis point Fed rate cut in September and a 12% chance of a 50 basis point cut.
Meanwhile, investors pared bets on further interest rate cuts by the Swiss National Bank, following the Swiss CPI data.
Consumer prices in Switzerland went up 0.2% year-on-year in August, matching the rate in July. The latest figure also came in line with market consensus.
The major Forex pair lost 0.31% for the week.
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