USD/CHF weakens to around 0.9030 in Wednesday's early European.
Global geopolitical stress boosts the safe-haven flows, supporting the CHF.
Fed's Daly said the central bank should keep short-term borrowing costs where they are until the progress is more visible.
The USD/CHF pair softens to near 0.9030 during the early European session on Wednesday. Tension-filled negotiations on the Russia-Ukraine conflict boost the safe-haven flows, benefiting the Swiss Franc (CHF). Traders will take more cues from the FOMC Minutes, which will be published later on Wednesday.
Ukraine President Volodymyr Zelenskiy said no peace deal could be made behind his back, per Reuters. Zelenskiy decided to postpone his visit to Saudi Arabia planned for Wednesday until March 10 to avoid giving "legitimacy" to the United States-Russia meetings. Investors will closely watch the developments surrounding the Russia-Ukraine peace talks. Any signs of escalating tensions between the two countries could boost the safe-haven currency like the CHF and create a headwind for the pair.
Data released by the Federal Reserve Bank of New York on Tuesday showed that the NY Empire State Manufacturing Index climbed to 5.7 in February from a fall of 12.6 in January. Meanwhile, San Francisco Fed President Mary Daly said on Tuesday that prospects of further rate cuts in 2025 remain uncertain despite an overall positive lean to US economic factors.
Market players brace for remarks by Fed officials later this week to gather more clues about the path ahead for US interest rates. Any hawkish comments from Fed policymakers could underpin the Greenback against the CHF in the near term.
Source: Fxstreet
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