The USD/CHF pair holds steady near 0.7950 during the early European trading hours on Monday. Progress on the US-EU trade deal might hit safe-haven demand and undermine the Swiss Franc (CHF). Investors brace for further developments surrounding the US-China trade deal as US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng are scheduled to meet on Monday in Stockholm.
The CHF pares gains against the US Dollar (USD) from improved risk appetite after the US and EU announced a trade framework agreement, setting a blanket 15% tariff on goods traded between them. The 15% tariff rates will take effect on August 1.
Additionally, the South China Morning Post (SCMP) reported on Sunday that the US and China are expected to extend their tariff truce and will not impose additional tariffs on each other during the extension. It is also reported that the US has frozen export controls on key technology to China in hopes of keeping smoother trade relations, per the Financial Times. Easing fears that US President Donald Trump's tariff policies will impact global economic growth might contribute to the CHF's downside.
The US Federal Reserve (Fed) interest rate decision will take center stage later on Wednesday. The Fed is widely expected to hold rates at their current levels at its July meeting. Markets have priced in nearly a 62% odds of a rate cut in the September meeting, according to the CME FedWatch tool. Investors will take more cues from the press conference for some hints about the timeline of rate reduction this year. Any dovish comments from Fed officials could cap the upside for the pair.
Source: FXstreet
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