USD/CHF loses ground as the US Dollar weakens for the third consecutive session on Wednesday.
Safe-haven demand for the Swiss Franc rises due to escalating US-China trade tensions.
Traders await Thursday's Swiss Unemployment Rate to gain further insight into the labor market.
USD/CHF continues its decline for the second straight day, trading near 0.9030 during European hours on Wednesday. This downturn is primarily driven by a weaker US Dollar (USD), which is undergoing a technical correction.
The US Dollar Index (DXY), which tracks the USD against six major currencies, remains under pressure for the third consecutive session, hovering around 107.70 at the time of writing. Meanwhile, market participants await Friday's US Nonfarm Payrolls (NFP) data, which could influence the Federal Reserve's (Fed) monetary policy stance.
Adding to the USD's weakness, US President Donald Trump has agreed to a 30-day suspension of the proposed 25% tariffs on Canadian and Mexican imports. This decision follows commitments from Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum to enhance border security in response to concerns over illegal immigration and drug trafficking.
Further weighing on the USD/CHF pair, safe-haven demand for the Swiss Franc (CHF) could have increased due to escalating US-China trade tensions. In retaliation for the new 10% US tariff imposed on Tuesday, China has implemented a 15% tariff on US coal and liquefied natural gas (LNG) imports, along with an additional 10% tariff on crude Oil, farm equipment, and certain automobiles.
On the Swiss economic front, the SVME Purchasing Managers' Index (PMI) inched up to 47.5 in January from 47.0 in December, though it fell short of market expectations of 49.0. The rise was tempered by declines in order backlogs and purchasing inventories, data showed on Monday. Investors now turn their attention to Switzerland's Unemployment Rate, set to be released by the State Secretariat for Economic Affairs (SECO) on Thursday, which will provide further insight into the labor market.(Cay)Newsmaker23
Source: Fxstreet
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