USD/CHF remains tepid around 0.8520 during the Asian session on Thursday, with a negative bias to continue its losing streak for the fifth successive day.
USD/CHF may continue its losing streak despite an improved US Dollar. The Swiss Franc may advance further due to safe-haven flows amid a lack of truce agreement between Israel and Hamas. The Greenback holds gains due to market caution ahead of Fed Chair Powell’s speech at the Jackson Hole Symposium.
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.
Majors Macroeconomics Switzerland
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