USD/CHF Closed at 0.82968 as Markets Await Fed Decision After Quarter-Point Increase
Key Facts
The U.S. dollar against the Swiss franc closed at 0.82968 on October 28, compared with 0.82902 the previous day, according to EL7 data. The pair rose between the two closes, meaning the franc weakened against the dollar over that period. The move comes as the Federal Open Market Committee holds its meeting on October 27 and 28. The Federal Reserve chair is scheduled to hold a press conference on October 28 at 2:30 p.m. local time. Traders are watching the decision and any signals it may contain about the path of U.S. monetary policy.
The Fed's latest documented move was to raise its target interest rate range by a quarter percentage point on September 16, to 3.75%-4%. This corrects the previous version's statement that the rate had remained at 4%; the announced decision was to raise the range to its new level. That latest move puts the October decision in the context of the monetary policy cycle, as policymakers assess new economic data before determining their next step. In September data, U.S. nonfarm payrolls increased by 29,000, while the unemployment rate was 4.2%. The Bureau of Labor Statistics described both changes as limited, in a reading that puts the labor market among the indicators preceding the decision.
The jobs reading remains part of the meeting's backdrop, but the U.S. economic calendar extends beyond it. The October jobs report is scheduled for release on November 6, 2026, after the Fed meeting. The Bureau of Labor Statistics has also set November 10 for the release of the October Consumer Price Index. These data come in sequence, allowing investors to track the labor market and prices after the October decision. The Fed chair is scheduled to hold a press conference on the day of the decision, at 2:30 p.m. local time, to explain the Fed's position at the conclusion of the meeting.
On the Swiss side, the latest available reading showed annual retail sales rising 3.2% in August 2026. The figure was above July's 2.6% reading and the consensus forecast of 2.2% for August. The reading provides context on domestic demand ahead of the following month's data, but it dates to August and does not represent the September result. Annual retail sales for September are due to be reported on October 30. The forecast for this reading is 1.4%, while the previous reading was 3.2% in August.