• USD/CHF maintains its position amid an upward correction in the US Dollar.
• The recent lower US labor data has revived hopes for rate cuts by the Fed in 2024.
• The Swiss Unemployment Rate (MoM) was recorded at a non-seasonally adjusted 2.3% in April, from 2.4% prior.

USD/CHF treads water to hold position, hovering around 0.9060 during the early European hours. The upward correction in the US Dollar (USD) provides support for the USD/CHF pair. However, The Greenback could face resistance due to investors’ optimism following the softer US labor data on Friday. This development has reignited hopes for potential interest rate cuts by the Federal Reserve (Fed) in 2024.

The US Dollar Index (DXY), which gauges the performance of the US Dollar (USD) against six major currencies, trades higher around 105.20. The weaker US Treasury yields contribute to limiting the advance of the US Dollar. 2-year and 10-year yields on US Treasury bonds stand at 4.80% and 4.45%, respectively, by the press time.

On the Swiss side, the Unemployment Rate (MoM) stood at a non-seasonally adjusted 2.3% in April, slightly decreasing from 2.4% prior. The number of unemployed individuals decreased by 1,636 compared to the previous month, totaling 106,957. When adjusted for seasonal factors, the jobless rate remained steady at 2.3% in April.

According to Reuters, Swiss National Bank (SNB) Chairman Thomas Jordan discussed exploring the optimal method for digitally tokenizing financial assets to enhance the security and efficiency of payments during an event in Basel on Monday. Jordan refrained from providing indications regarding economic and monetary policy during his speech