- USD/CHF ticks higher to near 0.7890, following the US Dollar’s recovery.
- The Fed is unlikely to cut interest rates by the year-end.
- The SNB will likely intervene against the Swiss Franc’s excessive appreciation.
The USD/CHF pair edges higher to near 0.7890 during the early European trading session on Friday. The Swiss Franc pair gains as the US Dollar (USD) bounces back after a sharp sell-off the previous day.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.25% | 0.18% | 0.43% | -0.05% | -0.06% | -0.15% | 0.12% | |
| EUR | -0.25% | -0.08% | 0.18% | -0.30% | -0.31% | -0.41% | -0.13% | |
| GBP | -0.18% | 0.08% | 0.25% | -0.23% | -0.23% | -0.33% | -0.05% | |
| JPY | -0.43% | -0.18% | -0.25% | -0.45% | -0.48% | -0.57% | -0.28% | |
| CAD | 0.05% | 0.30% | 0.23% | 0.45% | -0.02% | -0.10% | 0.17% | |
| AUD | 0.06% | 0.31% | 0.23% | 0.48% | 0.02% | -0.09% | 0.18% | |
| NZD | 0.15% | 0.41% | 0.33% | 0.57% | 0.10% | 0.09% | 0.28% | |
| CHF | -0.12% | 0.13% | 0.05% | 0.28% | -0.17% | -0.18% | -0.28% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
At the press time, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades 0.3% higher to near 99.45.
The US Dollar rebounds as the Federal Reserve (Fed) is anticipated to keep interest rates on hold during the course of the year.
According to the CME FedWatch tool, the odds of the Fed holding interest rates steady or above the current range of 3.50%-3.75% in the December meeting are almost 72%.
Meanwhile, the Swiss Franc (CHF) is expected to remain on tenterhooks as the Swiss National Bank (SNB) has expressed willingness to intervene in financial markets against excessive appreciation in the domestic currency.
“We have increased our readiness to intervene in forex markets to dampen rapid Swiss Franc appreciation,” SNB Chairman Martin Schlegel said in the press conference on Thursday after the central bank decided to leave interest rates unchanged at 0%.
