USD, CHF flows: USD marginally firmer on data, CHF soft

Generally stronger than expected US numbers with Q2 GDP revised up a little more than expected and both initial claims and cont9nuing claims falling after last week’s rise. The USD is not much changed but is edging slightly stronger. The CHF has been under some pressure in early US trading, with EUR/CHF gaining around 30 pips to 0.9360. There is no obvious trigger, but the decline in recent sessions looked like a correction to the previous rally from 0.93, and the negative narrative around the Swiss economy was supported by comments from the Swiss government this morning accompanying the GDP revision, noting declining exports in the pharma sector. The high tariff on Swiss imports to the US is likely to make this situation worse, and while few see the SNB cutting to negative rates again, they may want to offset pressure on exports by preventing FX strength.