Forex
SNB Warns of Intervention as CHF Extends Rally Against USD
The Swiss Franc (CHF) continued its upward trend against the US Dollar (USD) on Tuesday, driven by lower Oil prices and hopes for a new round of US-Iran negotiations.
Hopes that the meeting between US President Donald Trump and Iran's President Masoud Pezeshkian at the UN summit night will lead to a fresh round of peace talks have boosted risk appetite, encouraging investors to trim USD longs and bet on riskier assets.
The USD/CHF pair declined below 0.8200 during the European session, hitting session lows nearly 1% below last week's highs near 0.8270.
The Swiss National Bank (SNB) warned that it remains prepared to intervene in the foreign market should the need arise due to the Middle East conflict.