The USD/CHF pair traded on a weaker note around 0.8825 during the early European session on Thursday (3/27). Concerns over the global trade war and ongoing geopolitical tensions boosted safe-haven assets such as the Swiss Franc (CHF). Investors await the final Gross Domestic Product (GDP) for the fourth quarter (Q4), weekly Initial Jobless Claims and Pending Home Sales, due on Thursday.
Uncertainty over the tariff outlook and concerns that US President Donald Trump's trade policies will slow the global economy and hurt corporate profits weakened the greenback against the CHF. Trump said on Monday that auto tariffs would be implemented immediately, but not all threatened duties will be imposed on April 2 and some countries may be exempted. He also imposed a secondary 25% tariff on any country that buys oil or gas from Venezuela.
Investors will be closely watching the reciprocal tariffs that will be announced next week. Trump hinted that the action may not be the same levies he had promised. Any positive developments on trade policy could lift the US dollar (USD) in the near term.
The Swiss National Bank (SNB) warned in its quarterly bulletin released on Wednesday that the economic outlook for Switzerland and the rest of the world has become "significantly more uncertain" due to ongoing geopolitical risks around the world, as well as Trump's tariff threats.
The SNB acknowledged that the CHF depreciated against the Euro and the Greenback following the December interest rate cut. The Swiss central bank vowed to "use additional monetary policy measures to influence the exchange rate or interest rates," if necessary. (Newsmaker23)
Source: FXstreet
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