The USD/CHF has been gaining for the past four sessions.
Despite poor ISM statistics, the US currency remains strong, and the FOMC minutes are being scrutinized.
On the back of encouraging economic data, the Swiss Franc keeps its footing.
In Wednesday’s Asian trading hours, buying interest in the US dollar drives USD/CHF higher. The pair rallied significantly from the previous trading session’s low of 0.9193 to reach a high of 0.9251.
The USD/CHF currency pair is currently trading at 0.9247, up 0.04 percent on the day.
The US Dollar Index is currently at 92.57 percent, with a gain of 0/13 percent. After weaker-than-expected US ISM data a day before the FOMC minutes, investors rushed to the safe haven asset.
The Institute of Supply Management’s Non-Manufacturing PMI dropped to 60.1 in June, down from an all-time high of 64 the month before and well below market estimates of 63.5.
The negative figures fueled fears that the economic expansion is slowing. On the basis of its safe-haven attraction, investors flocked to the dollar.
Following the release of the report, US 10-year benchmark rates fell to 1.35 percent, the lowest level in three months.
The Swiss Franc, on the other hand, is still under pressure after recent data indicated that local industry activity dropped sharply in June.
Traders are currently anticipating the FOMC meeting for information on the Fed’s near-term inflation and monetary policy prospects./n
