Swiss franc leaps in risk-off trade

Swiss franc leaps in risk-off trade

On Wednesday, the traditional safe haven Swiss franc leapt versus the evergreen buck and the common currency because rising tensions on the Korean peninsula welcomed risk-off trade.

The currency pair USD/CHF hit a minimum of 0.9614, which is the weakest reading since July 27.

Market sentiment was affected after on Wednesday North Korea announced it was considering a missile attack on the American Pacific territory of Guam, following Trump’s warning that any threat would be repelled with fury and fire.

Trump simply responded to reports that North Korea had managed to create a miniaturized nuclear weapon for its intercontinental ballistic missiles.

The Swissy, normally enjoying popularity in times of market turbulence or geopolitical tension, ascended versus the common currency.

The currency pair EUR/CHF dipped 1.29% reaching 1.1300, finding itself on track for the largest one day descend in more than two years.

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