The USD/CHF pair weakened to around 0.8125 during early European trading hours. The US dollar weakened against the Swiss franc (CHF) despite a hawkish stance from US Federal Reserve officials. Traders are bracing for further developments surrounding US President Donald Trump's tariff policy ahead of the deadline.
On Wednesday, Trump announced that the United States would impose a 15% tariff on imports from South Korea. The agreement includes a $350 billion commitment from South Korea for US-owned and -controlled investments. Meanwhile, US Secretary of Commerce Howard Lutnick announced that the US has reached trade agreements with Cambodia and Thailand.
Traders will be closely monitoring the 25% tariff on imports from India, along with an unspecified "fine." Trade uncertainty stemming from the new US tariff announcement could increase demand for safe-haven currencies like the CHF and put downward pressure on the currency pair.
On the other hand, waning expectations for a US interest rate cut could help limit USD weakness. US Federal Reserve policymakers decided to maintain the benchmark interest rate at its target range of 4.25% to 4.50% at its July meeting on Wednesday, where it has been since December.
Fed Chairman Powell reiterated that the Fed remains data-driven in making monetary decisions in the coming months, adding that the central bank will closely monitor the labor market for any signs of weakness going forward. Attention will now turn to US employment data for July, which will be released on Friday. (alg)
Source: FXstreet
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