• USD/CHF rose to 0.9030, reaching late May's highs.
• Fresh ISM PMI data showed contraction in the US manufacturing sector activity for June.
• The market odds for a September interest-rate cut by both the Fed and Swiss SNB have increased in the last session.

On Monday, the USD/CHF pair rose significantly, driven by market anticipation of the Federal Open Market Committee (FOMC) minutes release and other key labor market figures from the US due later in the week. The major mover in the session was the ISM Manufacturing PMI from the US, which despite showing a continued contraction in the country's manufacturing sector the Greenback held its ground. US Treasury yields remain high and provide a cushion to the USD.

The spotlight of Monday was the slightly disappointing ISM Manufacturing PMI from the US for June. The PMI edged lower to 48.5 from 48.7 in April. The Employment Index of the PMI fell to 49.3 from 51.1 in May, while the New Orders Index improved to 49.3 from 45.4. The Prices Paid Index, the inflation component, dropped to 52.1 from 57 in the preceding period. As a result, the markets are betting on a 70% probability of a September interest rate cut by the Federal Reserve (Fed) but the bank’s officials aren’t entirely embracing the rate cuts.