USD/CHF continues to lose ground, trading around 0.8640 during the Asian session on Monday.
USD/CHF extends its losses as traders expect the Fed to start reducing the rate in September. San Francisco Fed President Mary Daly emphasized that the US central bank should reduce rates gradually. The Swiss Franc may appreciate further due to rising geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict.
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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