- USD / CHF turned north during US trading hours.
- The US Treasury called Switzerland a “currency manipulator” in its latest report.
- The US dollar index remains in negative territory near 90.30.
He USD/CHF It fell to its lowest level since early 2015 at 0.8826 on Wednesday, but made a decisive rally in the last hour after the US Treasury called Switzerland a “currency manipulator” in its latest report. At time of writing, the pair was posting small daily gains at 0.8861.
SNB no cede
In response to the US Treasury, the Swiss National Bank (SNB) issued a statement saying that interventions in the foreign exchange market are necessary to ensure adequate monetary conditions and price stability in Switzerland. “The SNB’s monetary policy approach remains unchanged by the US Treasury report,” the statement read.
On the other hand, a modest rebound observed in the US Dollar Index (DXY) appears to be helping the USD / CHF rise. Data released by the US Census Bureau on Wednesday showed that retail sales in November declined 1.1%, compared with analysts’ estimate of a 0.3% drop. At the moment, the DXY, which fell to its lowest level since April 2018 at 90.12, is currently down 0.2% on the day at 90.30.
Later in the day, the FOMC will publish its Statement of Monetary Policy and Economic Projections along with the Interest Rate Decision.
Technical levels
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