Negative news surrounding Credit Suisse boosts the USD’s global reserve currency status.The USD/CHF pair catches aggressive bids during the mid-European session and rallies to a fresh weekly top, above mid-0.9200s in the last hour.
The latest leg of a sudden spike is led by negative news surrounding the Swiss lender Credit Suisse, In fact, the top shareholder of the Swiss bank ruled out investing any more in the troubled Swiss bank as a bigger holding would bring additional regulatory hurdles. Moreover, the Swiss National Bank offers no comment on the Credit Suisse situation and fuels speculations that the bank will indeed default.
The Greenback is drawing additional support from reviving bets for at least a 25 bps rate hike by the Federal Reserve at its next policy meeting on March 21-22. The market expectations were reaffirmed by the latest US CPI report released on Tuesday, which indicated that inflation isn't coming down quite as fast as hoped.
, monthly Retail Sales figures and the Empire State Manufacturing Index. The data might influence the USD price dynamics and provide a fresh impetus to the USD/CHF pair. The focus, however, will remain on the looming banking crisis, which should continue to infuseTechnical levels to watch
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Source: FXStreetNews - 🏆 14. / 72 Read more »