The USD/CHF pair remains on the defensive around 0.9045 during the early European session on Friday, pressured by the weaker US Dollar (USD) broadly. Traders will closely monitor the flash US S&P Purchasing Managers Index (PMI) for January, which is due later on Friday.
During a virtual address to the World Economic Forum in Davos, Switzerland, US President Donald Trump on Thursday called for a drop in interest rates after asking for a reduction of oil prices set by a group of nations known as OPEC, which includes Saudi Arabia. "With oil prices going down, I'll demand that interest rates drop immediatel
The Greenback remains weak following Trump's remarks. Market players await more cues from the US economic data and further clarity on tariff announcements. The US Federal Reserve (Fed) is scheduled for its next decision on interest rates next week, which is widely expected to hold interest rates steady at the current level of between 4.25% and 4.5%, according to the CME FedWatch Tool.
Although Trump tariff threats would have only a limited impact on Swiss inflation, easing geopolitical tensions in the Middle East after Israel and Hamas agreed to a ceasefire deal might cap the upside for the Swiss Franc (CHF), a safe-haven currency. However, any signs of renewed geopolitical risks or rising global uncertainties could boost the CHF against the USD.(Cay) Newsmaker23
Source: Fxstreet
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