Currency movements remained limited as the market stepped into the European session, seeing US dollar trading remain hovering at a nearly 20 -year high against major rivals.
The Independence Day holiday in the United States on Monday will likely continue to restrict currency trading until the New York session following the close of the US stock and bond markets.
The focus of investors this session was the publication of Swiss inflation data which continued to record a jump to its latest 29 -year high of 3.4% in June.
The figure recorded in the Swiss consumer price index (CPI) far exceeded the Swiss National Bank’s (SNB) target of 2%, and rose higher than the 2.9% record in May.
The Russian war in Ukraine is seen as a major factor to the price spike in the country, apart from the ongoing disruption of the supply chain.
Following the release of the data, the Swiss franc remained strong at a five -week high against the greenback despite a mild reaction.
Meanwhile, investors were also spotted trading the euro and pound sterling exhibiting a horizontal movement amid concerns over a growing recession.
The Aussie dollar, meanwhile, stole a chance to rise from a two -year low ahead of the Reserve Bank of Australia (RBA) policy meeting on Tuesday which is expected to see another interest rate hike by the central bank by 50 basis points to 1.35%.
