USDCHF Recovers As Dollar in Demand
London: 23 October 2023 (TraderMade): In the early European Forex session on Monday, the USDCHF pair gained considerable momentum. The elevating geopolitical tension in the Middle East due to the conflict between Israel and Hamas causes flow to safe-haven assets.
Recent change in USDCHF exchange rates
On Friday, 20 October, the USDCHF pair opened at 0.89112 and rose to 0.89353 before it closed at 0.89172.
By 08:33 AM GMT on Monday, 23 October, the pair was at 0.89237. It shows an increase of 0.073%.
Influencing factors behind the scene
The chances of the Israel-Hamas conflict in the Middle East to convert into a comprehensive war grew recently as the US, China, Iran, and other countries expressed their concerns. This rising tension may increase a tendency to acquire safe-haven assets, including Swiss Franc (CHF).
Swiss trade balance increased to $6,316M along with rising exports of $24,795M. These figures make CHF more attractive.
US Fed officials have recently indicated that the Fed may maintain the interest rate in the upcoming November meeting.
The growing US budget deficit is another factor driving USDCHF rates. The US budget deficit in September was $170B, and the deficit for the overall year was $1.695T.
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