The USD/CHF pair trades on a softer note near 0.8715 during the early European session on Friday.
USD/CHF drifts lower to near 0.8715 in Friday’s early Asian session. US July Retail Sales came in better than expected in July, lifting the Greenback. The renewed fear of geopolitical tension in the Middle East could support the CHF. The pair edges lower on the back of the softer US Dollar . Meanwhile, the USD Index , a measure of the value of the US Dollar relative to a basket of foreign currencies, currently trades around 102.92, losing 0.12% on the day.
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. This is due to the perceived status of Switzerland in the world: a stable economy, a strong export sector, big central bank reserves or a longstanding political stance towards neutrality in global conflicts make the country’s currency a good choice for investors fleeing from risks.
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