The USD/CHF pair trades 0.5% lower to near 0.8330 during North American trading hours on Monday. The Swiss Franc pair weakens as the US Dollar (USD) faces a sharp selling pressure due to erosion in the United States (US) Sovereign Credit Rating.
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, slumps to near 100.30.
On Friday, Moody's Rating downgraded the US long-term issuer and senior unsecured ratings from Aaa to Aa1. The one-notch downgrade in the US credit came on the back of a growing $36 trillion debt pile. The US downgrade has sparked yields on interest-bearing assets. 10-year US Treasury yields soar to near 4.52% at the press time, 1.8% higher from its previous close.
Meanwhile, optimism on the White House closing more deals with its trading partners could support the US Dollar. During North American trading hours, the White House's economic advisor, Kevin Hassett, signaled hopes of more trade deals sooner. "
Source: FXStreet
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