The USD/CHF pair trades with mild losses near 0.8995, snapping the three-day winning streak during the early European session on Thursday.
USD/CHF loses momentum around 0.8995 in Thursday’s early European session. Fed’s Powell said the case for interest rate cuts is becoming stronger as inflation data showed some modest further progress. Political uncertainty in Europe and globally might boost the safe-haven flows, benefiting the CHF. The rising Federal Reserve rate cut bets drag the pair lower. Traders await the US June Consumer Price Index inflation data on Thursday, which is expected to show an increase of 3.1% YoY in June.
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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