USD/CHF breaks its six-day losing streak, trading around 0.8590 during the Asian session on Wednesday.
USD/CHF advances as the US Dollar gains ground amid rising Treasury yields. The Greenback may struggle due to the rising odds of a 50-basis point Fed rate cut in September. Traders await the SNB ’s FX Reserves data to understand the central bank’s interventions in influencing the Swiss Franc. This upside is attributed to the improved US Dollar amid rising Treasury yields. The US Dollar Index extends its gains for the second day, reaching 103.
Between 2011 and 2015, the Swiss Franc was pegged to the Euro . 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.
Majors Macroeconomics Switzerland SNB
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