The USD/CHF pair softens to around 0.8770 during the early European session on Tuesday.
USD/CHF drifts lower to 0.8770 in Tuesday's early European session, down 0.19% on the day. The SNB is anticipated to cut its key policy rate by 25 bps on Thursday. Friday’s US employment data prompted the anticipation of a Fed rate cut next week. The uptick of the Swiss Franc is bolstered by further turmoil in the Middle East, which boosts the safe-haven flows.
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.
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