The USD/CHF pair edges lower to near 0.8490 during the early European trading hours on Monday.
USD/CHF loses traction around 0.8490 in Monday’s early European session. The US NFP for August will take center stage on Friday. The rising Middle East geopolitical tensions might lift the Swiss Franc against the US Dollar. The downtick of the pair is backed by the weakening of the US Dollar amid the growing speculation that the US Federal Reserve will cut the rate in the September meeting.
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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