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The Swiss franc continues its decline against the US dollar. The currency started the trading week in March in negative territory as the currency’s decline continues. USD/CHF is currently trading at 0.9154, up 0.75% on the day.
The Swiss franc is again in a strong selloff today as risk sentiment in the markets has stabilized. European indices are generally recovering, while US futures are pointing to a higher open. Global bond markets have also become mixed so far. The next weakest positions are the euro and the yen.
Meanwhile, the Canadian dollar is driving up other commodity currencies. While Covid-19 remains a major concern, investors are encouraged by the significant progress in vaccine rollouts. Global economic growth is expected to rebound in 2021 and investor risk sentiment has risen significantly since the dark days of 2020, when Covid flourished with little or no objection.
This made the Swiss franc, a safe-haven asset, less attractive to risk-taking investors. The Swiss economy, which is heavily dependent on exports, should also benefit from a stronger global economy this year. The economy is trending to grow at 1.7% per annum, but the government is forecasting growth of 3% to 4% in 2021.
US ISM Turns Positive, Surpasses Forecast With 60.8
ISM’s US Manufacturing PMI beat expectations at 60.8, which appears to have a noticeable impact on the dollar versus its peers. Business activity in the US manufacturing sector grew at the fastest pace in three years: the ISM manufacturing business activity index rose to 60.8 from 58.7 in January. This value turned out to be above market expectations of 58.8.
Further details of the publication showed that the employment index improved to 54.4 from 52.6, and the prices paid index climbed to its highest level since July 2008 – 86. Finally, the new orders index climbed to 64.8 from 61.1.
Manufacturing PMI continued to point to strong sector expansion and US economic growth in February. Four out of five sub-indices directly affecting PMI are in growth territory and are at a higher level compared to January.
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