The USD/CHF currency pair steadied on Wednesday, showing a bias toward extending gains for a second consecutive day, buoyed by a stronger US Dollar (USD) and improved Treasury yields. The pair is trading around 0.8670 during the Asian session, as traders await key economic data from the US, including the Q3 Gross Domestic Product (GDP) figures and October’s ADP Employment Change, set to be released later in the North American session.
The US Dollar Index (DXY), which tracks the dollar’s performance against six major currencies, is hovering around 104.30. At the same time, the 2-year and 10-year US Treasury yields are reported at 4.09% and 4.24%, respectively.
As the November 5 presidential election approaches, a recent three-day poll conducted by Reuters/Ipsos indicates a tight race, with Vice President Kamala Harris, the Democratic candidate, holding a slender lead over Republican nominee Donald Trump. Harris has 44% support compared to Trump’s 43%, reflecting a narrow one-percentage-point margin.
Demand for the safe-haven Swiss Franc (CHF) may diminish as concerns about a potential all-out war in the Middle East ease. An Axios reporter shared on X that Israeli Prime Minister Benjamin Netanyahu plans to convene with various ministers and military and intelligence leaders to discuss a diplomatic resolution to the ongoing conflict in Lebanon, according to Reuters.
Traders are also looking ahead to the Swiss Consumer Price Index (CPI) for October and Real Retail Sales for September, both scheduled for release on Friday. These economic indicators are anticipated to provide valuable insights into the current economic conditions in Switzerland.
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