USD/CHF breaks its four-day winning streak, trading around 0.8510 during Friday’s Asian session.
USD/CHF halts its winning streak as safe-haven Swiss Franc receives support from rising Middle-East tensions. The CHF faced challenges as softer inflation data bolstered expectations of SNB ’s 50 basis point rate cut in December. The US Dollar receives downward pressure as US Treasury yields lose ground. The Swiss Franc receives support from the safe-haven flows amid rising Middle-East tensions.
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. 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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