The USD/CHF pair rose to a daily high of 0.9125 on Friday but struggled to preserve its bullish momentum. As of writing, the pair was virtually unchanged daily at 0.9100.
Focus shifts to US data:
The risk-averse market environment seems to be helping the CHF stay resilient against its rivals as a safe-haven. Earlier in the day, the data published by Eurostat showed that the euro area economy contracted by 15% on a yearly basis in the second quarter. Reflecting the flight to safety, major European equity indexes are losing between 1.3% and 1.65% daily.
Meanwhile, the US Dollar Index is staying relatively quiet above 93.00 as investors seem to be staying on the sidelines ahead of key macroeconomic data releases from the US.
In the early American session, the US Census Bureau will release July Retail Sales data. Investors expect the report to show an increase of 1.9% following June’s impressive upsurge of 7.5%.
Previewing this data and its potential impact on the greenback, “the sell-off in the US dollar over the past month was predicated on the second wave Covid-19 impact on the economy,” said FXStreet analyst Joseph Trevisani. “If retail sales do not in fact drop as anticipated, the currency will have another data point for a stronger USD.”
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