USD/CHF justifies safe-haven allure as sellers approach 0.9600 ahead of Fed meeting – by anilpanchal7 USDCHF RiskAppetite Fed Recession Currencies
e the broad US dollar strength, the pair manages to stay heavy due to the Swiss Franc’s safe-haven nature.
The fears of economic slowdown intensified after the International Monetary Fund cut its global growth forecast this year, to 2.9% from 3.6% forecasted in April. The Washington-based organization also raised concerns over more economic hardships amid a full cut-off of Russian gas to Europe and a 30% drop in Russianexports, both of which are looming. It should be noted that the disappointing results from the global retailer Walmart also contributed to the recession fears.
It should be noted that worsening US-China relation, recently over the South China Sea issue, also pushes US President Joe Biden to arrange a virtual meeting with his Chinese counterpart Xi Jinping, on Thursday. The same adds strength to the risk-off mood.
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