The buying interest in the US dollar pushed the USDCHF pair higher in the Asian trading hours on Wednesday. The pair recovered quickly from the low of 0.9193 in the previous trading session to touch the high of 0.9251.
The Institute of Supply Management Non-Manufacturing PMI fell to 60.1 in June from an all-time high reading of 64 in the previous month and much below the market expectations at 63.5.
The gloomy data raised the concerns that the economic expansion is slowing down. Investors rushed to the greenback on its safe-haven appeal. The US 10-year benchmark yields fell toward 1.35%, the lowest level in the past three months following the data.
The Swiss Franc looks sluggish as the latest data suggested that the domestic factory activity slowed unexpectedly in June.
Tonight, traders will be watching the FOMC meeting for insight details about the Fed’s near-term inflation and monetary policy outlook.
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