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- USD/CHF weakens to near 0.7960 in Tuesday’s early European session.
- Trump’s tariff threats have prompted the so-called “Sell America” trade.
- Traders brace for the Swiss December Producer and Import Prices data and SNB’s Schlegel speech.
The USD/CHF pair trades in the negative territory for the third consecutive day around 0.7960 during the early European trading hours on Tuesday. The Swiss Franc (CHF) strengthens against the Greenback as US President Donald Trump’s tariff threats spark safe-haven demand.
Trump said on Saturday that he would impose 10% tariffs on February 1 on goods from Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden and the United Kingdom. It would rise to 25% if an agreement is not reached by June 1. Threats from the US towards the European Union over the future of Greenland triggered the so-called “Sell America” trade, which exerted some selling pressure on the US Dollar (USD) across the board.
“Investors were dumping dollar assets on fears of prolonged uncertainty, strained alliances, a loss of confidence in U.S. leadership, potential retaliation and an acceleration of de-dollarization trends,” said Tony Sycamore, market analyst at IG in Sydney.
Traders will keep an eye on the Swiss Producer and Import Prices for December later on Tuesday, along with the speech from the Swiss National Bank (SNB) Chairman Martin Schlegel. Meanwhile, any signs of escalating geopolitical tensions or economic uncertainty could boost the Swiss Franc, as it is considered a safe-haven currency.
