USDCHF Exchange Rate

The U.S. dollar fell against its major counterparts in the New York session on Friday, as weaker-than-expected jobs data for April boosted hopes of a rate cut by the Federal Reserve in September.

After growing for fifteen consecutive months, U.S. service sector activity unexpectedly contracted in the month of April, according to a report released by the Institute for Supply Management on Friday. The ISM said its services PMI dipped to 49.4 in April from 51.4 in March, with a reading below 50 indicating contraction. Economists had expected the index to inch up to 52.0.

After growing for fifteen consecutive months, U.S. service sector activity unexpectedly contracted in the month of April, according to a report released by the Institute for Supply Management on Friday.

After reporting stronger than expected job growth over the past several months, the Labor Department released a report on Friday showing employment in the U.S. increased by much less than expected in the month of April. The Labor Department said non-farm payroll employment climbed by 175,000 jobs in April after surging by an upwardly revised 315,000 jobs in March.

he U.S. equity markets saw a halt in their two-day rally, primarily pulled down by disappointing earnings from Meta Platforms. As a result, both the Nasdaq and S&P 500 were left nearly unchanged, while the Dow Jones Industrial Average closed lower.

The market exhibited relative quietness in yesterday's trading session as investors positioned themselves ahead of Friday's release of the PCE index.

At the outset of the week, market attention is squarely focused on the upcoming release of the Fed's preferred inflation measure, the PCE index, scheduled for Friday, alongside remarks from Federal Reserve Chair Jerome Powell following the release.

Major central bank meetings in the calendar this week; Will the Fed meeting affect EUR/USD?; BoE decision will hold rates unchanged; GBP/USD retreats further; SNB policy meeting may help USD/CHF to rise