28 November 2022 | Other

Dollar strengthens against franc amid downbeat risk profile

The U.S. dollar / Swiss franc currency pair has been on a three-day upward trend. Negative sentiment of traders and investors, also due to the unrest in China, support the U.S. dollar.

This week is remarkable for several key events such as: the release of Swiss gross domestic product statistics for Q3, a speech by Fed Chairman Powell and U.S. jobs data. These aspects may affect the pair. The current situation in China should not be ignored either.

A new wave of risk aversion against the background of the protests in China gives hope for the soonest recovery of the dollar. In addition, an unprecedented number of online purchases on Black Friday in the US helped to compensate for the recent losses of the American currency. According to Reuters, Americans spent a record $9.12 billion online on Friday.

Investor caution ahead of the GDP release could have a negative impact on the Swiss franc.

If Switzerland's final GDP figures won't be more favourable than analysts' initial forecasts, the U.S. dollar may consolidate its firm position against the franc.

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