USD/CHF touches fresh daily high amid risk-on mood, softer USD acts as a headwind – by hareshmenghani USDCHF RiskAppetite Fed Bonds Currencies
A generally positive risk tone undermines the safe-haven CHF and lends support to the major.USD/CHF
pair attracts some buyers near the 0.9135 region on Tuesday and spikes to a fresh daily high during the early part of the European session. The pair is currently placed around the 0.9180 area and has now reversed a major part of the previous day's losses. Receding fears of a full-blown banking crisis remain supportive of a generally positive risk tone, which, in turn, undermines the safe-haven Swiss Franc and pushes the USD/CHF pair higher. The takeover of Silicon Valley Bank by First Citizens Bank & Trust Company calmed market nerves about the contagion risk.
The US Dollar , on the other hand, remains under some selling pressure for the second successive day and might hold back traders from placing aggressive bullish bets around the USD/CHF pair. The USD continues to be weighed down by the fact that the Federal Reserve toned down its approach to reining in inflation.
Market participants now look to Tuesday's US economic docket - featuring the Conference Board's Consumer Confidence Index and the Richmond Manufacturing Index. Apart from this, the US bond yields, might influence the USD price dynamics and provide some impetus to the USD/CHF pair. Traders will further take cues from the broader risk sentiment to grab short-term opportunities.
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