• USD/CHF declines ahead of the Swiss ZEW Expectations survey for December due on Tuesday.
• The US Dollar struggles on growing expectations that the Federal Reserve further ease policy.
• Fed’s Miran said not easing policy would increase the risk of a recession.

USD/CHF extends its losses for the second consecutive day, trading around 0.7900 during the Asian hours on Tuesday. Traders are likely awaiting the Swiss ZEW Expectations survey for December due later in the day for fresh signals on business and employment conditions, which could offer fresh cues on the Swiss National Bank’s (SNB) rate outlook.

Traders will shift their focus toward the US Gross Domestic Product (GDP) Annualized for the third quarter due later in the North American session, which is expected to come at 3.2% for Q3, slowing down from the 3.8% growth in Q2. Moreover, the US ADP Employment Change 4-week average and Q3 Core Personal Consumption Expenditures (PCE) will also be eyed.

The pair depreciates as the US Dollar (USD) declines amid growing odds of the Federal Reserve continuing its easing policy. Fed Member of the Board of Governors Stephen Miran said in an interview on Bloomberg TV on Monday that the last few months have seen data consistent with his view of the world and that he doesn’t see a recession in the near term. Miran added that failing to ease policy would raise recession risks.

However, Fed officials remain deeply divided on the path forward. Fed President Beth Hammack said on Sunday that monetary policy is in a good position to pause and assess the effects of the 75-basis-point (bps) rate cuts on the economy during the first quarter.

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