The USD/CHF pair softens to around 0.8875 on Monday during the early European session, pressured by the weakening of the US Dollar (USD).
USD/CHF drifts lower to near 0.8875 in Monday’s early European session. The US Retail Sales rose 0.4% in October vs. 0.8% prior, stronger than expected. The safe-haven flows might support the Swiss Franc. The USD/CHF pair softens to around 0.8875 on Monday during the early European session, pressured by the weakening of the US Dollar . Investors will keep an eye on the Swiss Industrial Production for the third quarterand the Federal Reserve’s Austan Goolsbee speech later on Monday.
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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