USD/CHF breaks its four-day losing streak, trading around 0.8470 during the early European hours on Monday.
USD/CHF rises as recent US labor data raised uncertainty over the likelihood of an aggressive Fed rate cut in September. The CME FedWatch Tool indicates that the likelihood of a 50 basis point rate cut has decreased to 29.0%. Swiss inflation dropped to a five-month low, which has heightened expectations for another SNB rate cut soon.
Even though the peg isn’t in force anymore, CHF fortunes tend to be highly correlated with the Euro ones due to the high dependency of the Swiss economy on the neighboring Eurozone. Why is the Swiss Franc considered a safe-haven currency? The Swiss Franc is considered a safe-haven asset, or a currency that investors tend to buy in times of market stress.
Majors Macroeconomics Switzerland SNB
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USD/CHF falls toward 0.8450, continues to lose ground due to dovish FedUSD/CHF extends its losing streak for the third successive day, trading around 0.8470 during the Asian hours on Tuesday.
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