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Financial markets showed their expectations regarding the US CPI rates for March, published the day before, as the reaction was observed among all participants. The US monthly consumer price index rose to 0.6%, beating previous and forecasts, while the annual rate also rose to 2.6% in similar circumstances.
The US dollar declined for the second day in a row on Wednesday, as the dollar index hit a new monthly low during the American session. All major US equity markets hit new record highs thanks to the weakening dollar.
The EUR/USD pair rose sharply and reached the current resistance level of 1.1964, which has not been observed since March 18. If the market continues to be dominated by buying interest, the next higher level could be the 1.1985 barriers, which were tested twice in March but were not overcome.
US Dollar in a Trail of Swiss Francs
The Swiss franc narrowly escaped being ranked the worst of the largest companies in the G10 compared to the dollar in the first quarter and the Japanese yen. While the Swiss franc’s depreciation against the euro was a modest 2.2% during the quarter, the fact that the euro/Swiss franc is getting more comfortable above the 1.10 threshold underscores the central bank’s relative inertia, as reported by CIBC Capital Markets.
Following the Swiss National Bank’s (SNB) monetary policy announcement, Chairman Jordan said “we welcome the slight depreciation of the Swiss franc,” speaking at a post-political press conference.
The monthly risk reversal of the Swiss franc (CHF), a call-to-put indicator, has risen the most since February 9 but also broke a three-day losing streak on Wednesday. This runs counter to the USD/CHF downtrend, which is currently testing early March lows for its eighth day of decline.
Technically, the 50-day moving average near 0.9188 limits further declines in the price, while USD/CHF buyers are less likely to enter until prices cross the mid-March low around 0.9215 on the daily close.
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