USD Weakens Against CHF Amid JPY Strength and Rising Oil Prices

The US Dollar is under pressure as the Japanese Yen's strength drags it lower. The USD/CHF pair has retreated, allowing the Swiss Franc to regain some ground. At present, the pair trades around 0.8078, down roughly 0.20% on the day.

The broader market mood remains shaped by the US-Iran conflict in the Middle East and the resulting rise in Oil prices. West Texas Intermediate (WTI) Oil is trading at its highest level since June 8, nearing $93.50 per barrel.

Despite hawkish Federal Reserve expectations, the Greenback remains under pressure, with elevated Oil prices reinforcing the case for higher interest rates. As a result, US Treasury yields remain elevated, with the benchmark 10-year yield trading around 4.80%.

The upcoming inflation data will play a crucial role in deciding whether the central bank raises interest rates. The Producer Price Index (PPI) is due on Thursday, followed by the Consumer Price Index (CPI) on Friday.