USD/CHF loses ground after two days of gains, trading around 0.8880 during the European hours on Monday.
USD/CHF depreciates as risk sentiment improves due to the dovish Fed. US President Joe Biden announced that he will not seek re-election against former President Donald Trump. The Swiss Franc could limit its upside due to the rising odds of the SNB reducing rates further. The dovish outlook on the Federal Reserve's policy is exerting pressure on the US Dollar , weakening the USD/CHF pair.
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
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