USD/CHF extends its gains for the second successive day, hovering around 0.8660 during the Asian trading hours on Thursday.
USD/CHF gains ground as recent US data have tempered the odds of more bumper rate cuts by the Fed. Improved US Treasury yields contribute support to strengthen the Greenback. The downside of the Swiss Franc could be restrained due to safe-haven flows amid rising Middle-East tensions. The US Dollar gains ground as strong labor and inflation data has tempered expectations for aggressive easing by the Federal Reserve . According to the CME FedWatch Tool, there is currently a 92.
Between 2011 and 2015, the Swiss Franc was pegged to the Euro . The peg was abruptly removed, resulting in a more than 20% increase in the Franc’s value, causing a turmoil in markets. 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.
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