USD/CHF extends its losing streak for the third successive day, trading around 0.8470 during the Asian hours on Tuesday. The USD/CHF pair may decline further due to safe-haven flows toward the Swiss Franc (CHF). The risk aversion sentiment prevails due to rising geopolitical tensions in the Middle East.
Hamas has rejected new conditions proposed by Israel in ceasefire negotiations in Egypt, insisting that Israel adhere to the terms outlined by US President Joe Biden and the UN Security Council. However, US Air Force General C.Q. Brown, chairman of the Joint Chiefs of Staff, told Reuters early Tuesday that concerns about an imminent broader conflict in the region have diminished. An exchange of fire between Israel and Lebanon's Hezbollah did not escalate further.
The US Federal Reserve (Fed) Chairman Jerome Powell stated at the Jackson Hole Symposium on Friday, "The time has come for policy to adjust." However, Powell did not specify when rate cuts would begin or their potential size. According to the CME FedWatch Tool, markets are fully anticipating at least a 25 basis point (bps) rate cut by the Federal Reserve at its September meeting.
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