USD/CHF Holds Above 0.8200 After Swiss Jobless Rate Ticks Higher

USD/CHF Supported Above 0.8200 After Swiss Jobless Rate Miss

Swiss Unemployment Rate Rises to 2.9%

The USD/CHF currency pair holds steady above the 0.8200 mark in Thursday’s European session, after erasing last week’s 0.50% decline. The Swiss unemployment rate increased to 2.9% MoM in May, up from 2.8% in April, and above market expectations. This signals softness in the Swiss labor market, putting modest pressure on the Swiss Franc (CHF).

Track Real-Time FX Movements: Follow live USD/CHF charts.

US Data Paints a Weak Economic Picture

While the USD/CHF pair holds gains, underlying sentiment around the US Dollar (USD) remains fragile due to disappointing economic indicators:

• ISM Services PMI dropped to 49.9 in May from 51.6 (below 52.0 expected)
• ADP private sector jobs grew by just 37,000—far below the 115,000 forecast

These figures revive US growth concerns, dampening the case for USD upside, particularly in the context of increasing tariff uncertainty.

Trump Pressures Fed for Rate Cuts

Adding to USD volatility, former President Donald Trump took to Truth Social, urging Fed Chair Jerome Powell to cut interest rates amid rising signs of economic slowdown. While no official Fed response has surfaced, the move reinforces dovish rate expectations for 2025.

More Insight: Read about how political pressure impacts Federal Reserve policy.

What to Watch Next

• Will Swiss labor market weakness persist and weigh on CHF?
• Can the US Dollar stabilize despite soft macro data?
• How will Friday’s Nonfarm Payrolls (NFP) impact USD/CHF direction?