USD/CHF continues to gain ground for the second consecutive day, trading around 0.8960 during the early European session on Wednesday.
USD/CHF appreciates as the Fed may delay rate cuts to bring inflation under control. CME FedWatch Tool indicates a decrease to 67.7% odds of a Fed rate cut in September, down from 68.5% the previous day. The Swiss Franc may limit its downside as political and geopolitical uncertainty has driven safe-haven flows. This upside could be attributed to the higher US Dollar due to heightened expectations of delaying interest rate cuts by the Federal Reserve .
On the Swiss side, the Swiss Franc may find support as political uncertainty in France and the rise of far-right parties in European Parliament elections have driven safe-haven flows. The yield on the 10-year Swiss government bond has declined to 0.56%, the lowest level since August 2022. Moreover, ongoing geopolitical tensions in the Middle East and Ukraine could further fuel the flight to safety, benefiting the safe-haven CHF.
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