The USD/CHF pair weakens to near 0.9110, snapping the four-day winning streak during the early European session on Friday. The safe-haven flows demand amid the persistent geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict boosts the Swiss Franc (CHF) against the Greenback.
On Thursday, Joe Biden reportedly discussed plans to attack Iran's nuclear facilities in the event Tehran moved closer to building a nuclear bomb before Donald Trump's inauguration on January 20, three sources with knowledge of the issue tell Axios. Investors will closely monitor the development surrounding the geopolitical risks. Any signs of escalation could lift the CHF and create a headwind for USD/CHF.
Meanwhile, inflation in the U.S. remains stubbornly above the Federal Reserve's (Fed) 2% target, suggesting that the US central bank will likely leave interest rates here higher for longer compared to other major central banks. The Fed has now indicated only two interest rate reductions for this year, down from an earlier projection of four rate cuts. The projection of fewer interest rate cuts by the Fed this year could strengthen the USD further.(Cay) Newsmaker23
Source: Fxstreet
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