USD/CHF seesaws near 0.9300 as firmer Treasury yields probe US Dollar bears – by anilpanchal7 USDCHF RiskAppetite YieldCurve Coronavirus Currencies
wiss Franc pair’s latest weakness could be linked to the run-up in the US Treasury bond yields. However, the holiday season and the cautious optimism in the market seem to challenge the downside momentum.
US 10-year Treasury bond yields rose to the fresh high in six weeks the previous day, sidelined near 3.85% by the press time, as the positive mood surrounding China’s reopening helped renew hopes of fasterThe hawkish Fed concerns might have taken clues from the improvement in the US Good Trade Balance for November, $-83.3B versus $98.8B prior, while ignoring softer prints of the US S&P/Case-Shiller Home Price Indices for October, 8.6% YoY versus 9.7% expected and 10.4% previous readings.
Elsewhere, China’s easing of the Coronavirus-linked activity restrictions joined an upward revision to the 2021 Gross Domestic Production forecast to favor the sentiment despite the sluggish holiday season. That said, China mentioned that it would stop requiring inbound travelers to go into quarantine from January 8, the National Health Commission said late on Monday, a major step towards loosening its curbs, per Reuters.
It should be observed that the optimism surrounding China also allows the Fed hawks to retake control amid fewer challenges to the growth and fears of more inflation, which in turn allows the US Treasury bond yields to remain firmer and underpin the USD/CHF declines.and the year-end holiday season seem to challenge the USD/CHF traders ahead of the Swiss ZEW Survey – Expectations for December, expected -50.5 versus -57.5 prior.
Overall, USD/CHF bears are likely to witness hardships amid a light calendar but the bulls are surely off the table.
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