- USD / CHF is moving sideways after posting modest gains on Tuesday.
- The US dollar index remains in a consolidation phase near multi-month highs.
- The FOMC will publish the Minutes for the June meeting today Wednesday.
Backed by the strength of the broad-based USD, the pair USD/CHF It closed modestly higher on Tuesday, but struggled to preserve its bullish momentum. At time of writing, the pair was virtually unchanged on the day at 0.9238.
On Tuesday, the ISM services PMI report revealed that business activity in the services sector expanded at a smoother pace than expected. More importantly, the underlying details of the report revealed that underlying price pressures remained high.
Meanwhile, the major Wall Street indices turned south, helping the dollar to gain strength as a safe haven. However, after rising more than 0.3%, the US Dollar Index appears to have entered a consolidation phase on Wednesday and was last seen moving sideways around 92.50, where it remained sideways on the day.
All eyes are on the FOMC Minutes
No high-level macroeconomic data will be published on the US economic agenda on Wednesday. Investors will pay close attention to the minutes of the June FOMC meeting, which will be released at 18:00 GMT.
In a preview of this release, “the Minutes are unlikely to provide details on economic conditions or the timing of the next policy change,” said FXStreet Senior Analyst Joseph Trevisani. “The annual Fed Policy Symposium in Jackson Hole, Wyoming may be a more pleasant atmosphere for Fed officials to admit and explore the conditions for a bond reduction, but the June FOMC minutes could contain the official agenda. “.