USD/CHF surrenders gains as US Dollar turns subdued in a data-packed week

USD/CHF fails to hold gains as the US Dollar remains subdued ahead of multiple US data.
The market mood remains downbeat due to escalating Middle East tensions.
Fed Logan said that higher bond yields and recent economic data have bought some time for the central bank.
The USD/CHF pair surrenders gains after facing barricades near 0.8950 in the European session. The Swiss Franc asset faced selling pressure as the US Dollar turned subdued in a data-packed week. The US Dollar Index (DXY) trades marginally above the crucial support of 106.00.

S&P500 futures added some losses in the London session, portraying a dismal market sentiment due to escalating Middle East tensions. The 10-year US Treasury yields climb to 5% on expectations of sustained higher interest rates from the Federal Reserve (Fed) for a longer period.
Fed policymakers are endorsing unchanged interest rates in the 5.25-5.50% range as higher long-term bond yields are sufficient to ease overall spending and investment. Dallas Fed Bank President Lorie Logan said last week that higher bond yields and recent economic data have bought some time for the central bank to keep interest rates unchanged.

This week, investors will focus on the preliminary S&P Global PMI data for October, Durable Goods Orders, and the core Personal Consumption Expenditure (PCE) price index data for September. The show-stopper event would be the Q3 Gross Domestic Product (GDP) data, which will be announced on Thursday. As per the consensus, the growth rate was 4.2% vs. 2.1% growth in the April-June quarter on an annualized basis.

On the Swiss Franc front, investors await the ZEW Survey Expectations for October. In September, the sentiment data landed at -27.6. A further decline in the data would indicate that business conditions, the labor market, and other elements have worsened further.