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Swiss franc rebounds as dollar eases near 16-month highs

USD/CHF pulled back toward the 0.8330 area while Switzerland’s ZEW economic expectations index fell to 2.6 from 12.1 in August.

Reported · Written up by our desk · Major Pairs

The Swiss franc rose moderately on Wednesday, with the USD trimming gains as US Treasury yields slipped and Fed messaging turned less hawkish, FXStreet reported.

In the European session, USD/CHF backed off to around 0.8330, though it remained near the 16-month highs above 0.8350 reached on Tuesday after a softer Swiss ZEW Economic Sentiment Report.

FXStreet said Switzerland’s economic expectations deteriorated in September, with the ZEW monthly sentiment index falling to 2.6 from 12.1 in August, but the data did not prevent the CHF from edging higher against the dollar.

The outlet also attributed the greenback’s pullback to a retreat in rate expectations, after New York Fed President John Williams said there is no rush for additional hikes following September’s move and that the biggest inflation shocks have largely played out.

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