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- USD/CHF edges down to near 0.7985 as the US Dollar faces slight selling pressure.
- A fresh de-escalation in the Middle East war has diminished the safe-haven demand of the US Dollar.
- US President Trump is willing for peace with Iran without the opening of the Strait of Hormuz.
The USD/CHF pair ticks lower to near 0.7985 during the Asian trading session on Tuesday, struggling to extend its five-day winning streak, as the US Dollar (USD) faces slight selling pressure on reports that United States (US) President Donald Trump is willing to make peace with Iran without forcing the reopening of the Strait of Hormuz.
During the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades subduedly around 100.40.
Earlier in the day, a report by the Wall Street Journal (WSJ) showed that US President Trump is ready for peace with Iran, as Washington has cripped its military infrastructure. Trump added that Washington would pursue diplomatic ways for the Hormuz reopening, as a forceful way to reopen the waterways would stretch the conflict beyond his timeline of four to six weeks.
US President Trump’s call for a truce has improved the risk appetite of investors, resulting in a strong demand for riskier assets across the world. S&P 500 futures trade almost 1% higher above 6,400, as of writing.
A fresh de-escalation in Middle East conflicts has also resulted in a sharp correction in the oil price, which could weigh on hawkish Federal Reserve (Fed) bets that were accelerated due to higher energy prices-led de-anchored inflation expectations.
Meanwhile, the Swiss Franc (CHF) trades marginally higher against a majority of its currency peers. Broadly the Swiss currency has been under pressure as the Swiss National Bank (SNB) expressed, in the monetary policy announcement this month, readiness to intervene against excessive appreciation in the CHF.
