The USD/CHF pair trades in positive territory for the second consecutive day around 0.8980 on Tuesday during the early European session.
USD/CHF trades on a stronger note near 0.8980 in Tuesday’s early European session. The US Dollar edges lower due to a potential September rate cut from the Fed. Political uncertainties both within Europe and globally, might support the CHF. Meanwhile, the USD Index consolidates near the 105.00 level ahead of Federal Reserve Chair Jerome Powell's semi-annual monetary policy testimony on Tuesday.
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. This is due to the perceived status of Switzerland in the world: a stable economy, a strong export sector, big central bank reserves or a longstanding political stance towards neutrality in global conflicts make the country’s currency a good choice for investors fleeing from risks.
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