USD/CHF drifts higher to near 0.8850 amid looming Trump tariff
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USD/CHF edges higher to near 0.8845 in Wednesday’s early European session. Trump prepares to unveil reciprocal tariffs as markets brace amid trade war fears. Trade war fears and geopolitical risks could boost safe-haven currencies like the Swiss Franc and cap the pair’s upside. The USD/CHF pair strengthens to around 0.8845 during the early European session on Wednesday. The US Dollar (USD) edges higher as traders await details of US President Donald Trump’s tariff plans later on Wednesday that could set the tone for markets in the near term. Traders will monitor the US March ADP Employment Change data, which is due later on Wednesday. Trump said that he will impose reciprocal tariffs on Wednesday, suggesting that many countries with their own duties on US goods could suddenly face new trade barriers. The White House stated that Trump’s forthcoming tariffs will take effect right after they are unveiled on Wednesday. Data released by the Institute for Supply Management (ISM) by the US Manufacturing Purchasing Managers Index (PMI) declined to 49.0 in March from 50.3 in February. This figure came in below the market consensus of 49.5. The weaker US economic data could undermine the Greenback. On the Swiss front, risks of a global trade war, uncertainties, and ongoing geopolitical tensions could boost the safe-haven flows, supporting the Swiss Franc (CHF). Trump threatened Iran over the weekend with bombing and secondary tariffs if Tehran did not come to an agreement with Washington over its nuclear program. Swiss Franc FAQs The Swiss Franc (CHF) is Switzerland’s official currency. It is among the top ten most traded currencies globally, reaching volumes that well exceed the size of the Swiss economy. Its value is determined by the broad market sentiment, the country’s economic health or action taken by the Swiss National Bank (SNB), among other factors. Between 2011 and…
Filed under: News - @ April 2, 2025 7:22 am