The USD/CHF pair posts modest gains to around 0.8990 during the early European session on Tuesday.
USD/CHF trades with mild gains near 0.8990 in Tuesday’s European session. Fed indicated fewer rate reductions ahead, supporting the US Dollar. Geopolitical risks might boost the safe-haven currency like the CHF and cap the upside for the pair. The prospect of higher-for-longer US interest rates continues to underpin the Greenback for the time being. Trading volumes are likely to thin out as the year-end approaches.
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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