The USD/CHF pair trades on a weaker note around 0.8960 during the early European session on Friday.
USD/CHF trades in negative territory near 0.8960 for the second consecutive day on Friday. Traders raised their bets on Fed rate cuts in September after the softer-than-expected June US CPI inflation report. The speculation that the SNB will cut further interest rates might cap the pair’s downside. The downtick of the pair is backed by the softer US Dollar after US consumer prices unexpectedly fell in June.
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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