USD/CHF continues its winning streak for the fourth successive session, trading around 0.8510 during the European hours on Thursday.
USD/CHF gains ground as recent labor data decreased the chances of an aggressive rate cut by the Fed in November. CME FedWatch Tool suggests 31.4% odds of a 50 basis point Fed rate cut, down from 49.3% a week ago. Swiss CPI rose 0.8% YoY in September, down from both expected and August's reading of 1.1%. This upside of the USD/CHF pair could be attributed to recent strong US labor data, which decreased the likelihood of the Federal Reserve delivering another aggressive rate cut in November.
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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