The USD/CHF currency pair scaled a fresh three-week peak of 0.7967 on Monday, as market participants looked past the United States’ weekend military operation in Venezuela and the capture of President Nicolas Maduro and re-focused on the upcoming string of essential US macro data.
The data set includes ISM Manufacturing PMI, ADP employment figures, job openings as well as Friday’s Non-Farm Payrolls report for December, while it may provide fresh clues on the health of the economy and the Fed’s monetary policy trajectory.
“I dare say the FX complex is not much of a reflection of risks stemming from Venezuela, but more about what the U.S. data is going to tell us about the Fed’s policy path,” Kyle Rodda, senior financial markets analyst at Capital.com, was quoted as saying by Reuters.
FOMC policy makers signaled just one 25 bps rate cut for 2026, while investors continue to expect two or three rate cuts of 25 basis points each.
Meanwhile, in Switzerland, factory activity shrank more than expected in December. The procure.ch and UBS Manufacturing PMI came in at a reading of 45.8 in December, down from 49.7 in November.
The latest reading was well below market consensus of 49.9 and has also been the lowest since May 2025. It indicated renewed pressure on the Swiss manufacturing sector, despite some easing in protectionism-related headwinds.
The USD/CHF currency pair was last up 0.41% on the day to trade at 0.7950.
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