The USD/CHF pair drops to near 0.8630 from the two-month high of 0.8370 in Monday’s North American session.
USD/CHF drops to near 0.8630 even though the US Dollar resumes its upside journey. The SNB is expected to cut interest rates again in December. Investors expect the Fed to reduce interest rates gradually. The Swiss Franc pair corrects even though the US Dollar rebounds after a mild sell-off on Friday, suggesting sheer strength in the Swiss currency.
The peg was abruptly removed, resulting in a more than 20% increase in the Franc’s value, causing a turmoil in markets. 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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