USD/CHF treads water around 0.8980 after refreshing five-week high, US default in the spotlight – by anilpanchal7 USDCHF FiscalPolicy RiskAversion Currencies Fed
o, the Swiss Franc pair portrays the market’s indecision amid a light calendar and lack of macros as the US default looms. However, the latest optimism about the debt limit extension puts a floor under the prices.
On Wednesday, US House Speaker Kevin McCarthy said in an interview on CNBC, "Now we have an opportunity to find common ground but only a few days to get the job done." Further, US President Joe Biden said that he is confident that they will be able to reach a budget agreement and noted that it would be catastrophic if the US failed to pay bills, per Reuters. "Will have a news conference on Sunday on the debt issue,” added US President Joe Biden.
Additionally, fears of easing US retail sales also weigh on the pair prices. On Wednesday, Reuters said that US retail sales have remained resilient despite higher prices but consumers have been careful about their spending, hurting companies such as Target and Home Depot, whose merchandise largely consists of discretionary products.
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