Fed rate hike in June dead. Disappointing ADP and NFP reports have finally ended hopes for a rate hike in June. Judging from shift in Fed Fund futures markets do not believe in any action by the Federal Reserve over the summer months. In Switzerland, the CHF is still under pressure despite its (relative) ongoing weakness. The SNB might intervene very slightly to devalue the currency. In the US, Donald Trump is now the Republican Party’s nominee for president and this should further erode confidence in the Mexican peso as he undiplomatically, repeatedly declared that he would build a “great, great wall” between the two countries and would make Mexico pay for it. In the UK, it is unlikely that the BoE will affect the market with its rate decision as the banks lack of recognition of the vote, marginalizes their economic forecasts.