USD/CHF MAINTAINS POSITION ABOVE 0.8650, AWAITS US ECONOMIC DATA
- USD/CHF may appreciate further as US Treasury yields advance.
- The US Dollar receives support amid prevailing uncertainty surrounding the US presidential election.
- The safe-haven CHF may face challenges due to easing concerns over a potential all-out war in the Middle East.
USD/CHF steadies with a bias of extending gains for the second consecutive day amid higher US Dollar (USD) and improved Treasury yields. The pair trades around 0.8670 during the Asian hours on Wednesday. The US Q3 Gross Domestic Product (GDP) figures and October's ADP Employment Change are set to be released later in the North American session.
The US Dollar Index (DXY), which measures the value of the US Dollar against six other major currencies, trades around 104.30 with 2-year and 10-year yields on US Treasury bonds standing at 4.09% and 4.24%, respectively, at the time of writing.
Regarding the US presidential election, a three-day poll conducted by Reuters/Ipsos, which concluded on Sunday and was released on Tuesday, indicated that the race is essentially tied as the November 5 election approaches. Vice President Kamala Harris, the Democratic candidate, has seen her lead over Republican nominee Donald Trump narrow to just one percentage point, with 44% support compared to Trump's 43%.
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