USD/CHF weakens below 0.9050 ahead of Swiss CPI data

USD/CHF trades with a mild bearish bias around 0.9015 in Thursday’s Asian session. Fed officials maintain a cautious stance and refrain from committing to interest rate cuts. The Swiss CPI is estimated to show an increase of 1.4% in June. The softer US Dollar and declining US bond yields weigh on the pair. The US markets will be closed on Thursday due toIndependence Day.

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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