The USD/CHF pair weakened to around 0.8830 during the Asian trading hours on Tuesday (3/25), pressured by a decline in the US Dollar (USD). Traders will keep an eye on the US Conference Board's Consumer Confidence gauge, New Home Sales, and the Richmond Fed Manufacturing Index, due on Tuesday.
Data released by S&P Global on Monday showed that the US Composite PMI rose to 53.5 (preliminary) in March from 51.6 in February. Meanwhile, the Manufacturing PMI fell to 49.8 in March compared to 52.7 previously, missing the estimate of 51.9. The Services PMI improved to 54.3 in March from 51.0 in February, above the market consensus of 51.2. The mixed US PMI reports have failed to boost the greenback.
President Donald Trump said not all of the threatened levies would be imposed on April 2. Trump hinted that some trading partners would accept possible exemptions or reductions. The uncertainty surrounding Trump's tariff policy could weigh on the greenback against the Swiss franc (CHF).
Meanwhile, rising geopolitical tensions in the Middle East could boost safe-haven flows, benefiting the CHF. Israel continued its airstrikes on Gaza, ending a nearly two-month ceasefire with Hamas. Israeli Prime Minister Benjamin Netanyahu vowed to act "with increased military force" to free hostages and disarm Hamas. (Newsmaker23)
Source: FXstreet
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