USD/CHF edged lower during Asian trading hours on Friday (4/18), hovering around 0.8180, after posting gains in the previous session. The currency pair came under pressure as the US dollar weakened amid growing concerns over the economic impact of US tariffs. Market activity remained subdued due to the Good Friday holiday.
Federal Reserve Chairman Jerome Powell warned that persistent inflation coupled with a slowing economy could jeopardize the Fed's dual mandate, raising the specter of stagflation. Sentiment was further dented after former President Trump criticized Powell's recent comments. However, the CME FedWatch Tool showed markets are now pricing in about 86 basis points of interest rate cuts by the end of 2025, with the first expected in July.
Meanwhile, the Swiss Franc (CHF) strengthened on Thursday following upbeat Trade Balance data from Switzerland. The trade surplus widened to CHF 6.35 billion in March from CHF 4.80 billion in February—the largest since October 2024—driven by a 12.6% surge in exports versus a 10.4% increase in imports.
The CHF strengthened against the USD, approaching its strongest level since 2011, as escalating US-China trade tensions stoked recession fears and boosted demand for the safe-haven Swiss currency. However, US President Donald Trump said on Thursday that China had made some advances, adding, "I don't want to raise tariffs on China. If tariffs on China go up, people won't buy." Trump expressed optimism that a trade deal with China could be reached within three to four weeks. (Newsmaker23)
Source: FXstreet
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