The USD/CHF pair moved higher near 0.9060 in the North American session on Wednesday (1/22). The Swiss franc pair recovered intraday losses and edged higher as Swiss National Bank (SNB) Chairman Martin Schlegel has opened the door to negative interest rates.
Schlegel said in an interview with Bloomberg TV at the World Economic Forum (WEF) in Davos that the SNB "doesn't like negative interest rates" but if we have to do it, "we will do it." His ultra-dovish monetary policy stance is supported by the risk of inflation rising beyond the SNB's target range. Schlegel added, "We are ready to intervene in the currency market if necessary again."
Meanwhile, the US dollar (USD) outperformed against the Swiss franc (CHF) but traded cautiously, with investors looking for an explicit tariff plan by US President Donald Trump.
The US Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, bounced back after hitting a fresh two-week low of 107.75 on Wednesday.
Investors are looking for more clarity on Trump's tariff plans as he has not provided any clarification in his two-day administration. Instead, market participants have been anticipating that Trump will impose tariff hikes right after returning to the White House.
Trump said that he is considering imposing 25% tariffs on Mexico and Canada, and 10% on China, which would go into effect on February 1. Market participants see this as a more balanced approach, which is less scary than what they thought after Trump's comments during the election campaign.
Source: FXStreet
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