Forex
Dollar Surges Amid Hawkish Fed Minutes and Strait of Hormuz Tensions
The US Dollar (USD) has gained strength against the Swiss Franc (CHF), with the USD/CHF pair trading around 0.8000 in Asian hours after recovering from sharp losses in the prior session.
The Swiss Franc remains under pressure despite a 5.5% year-on-year rebound in Q2 industrial production, which rose more than expected.
The hawkish tone in the July Federal Reserve (Fed) Meeting Minutes has also contributed to the USD's gain, with policymakers favoring rate hikes if inflation does not show further improvement.
The tensions in the Strait of Hormuz and safe-haven flows are supporting demand for the US currency.