USD/CHF softens to below 0.8000 as tariff uncertainty continues
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USD/CHF edges lower to around 0.7980 in Tuesday’s Asian session.
Investors await progress in trade talks ahead of an August 1 deadline.
Bessent called for deeper bank regulatory reforms.
The USD/CHF pair trades with mild losses near 0.7980 during the Asian trading hours on Tuesday, pressured by a weaker US Dollar (USD) and lower Treasury yields. Investors remain cautious ahead of the US deadline of August 1 for countries to strike trade deals with the US or face more tariffs.
US President Donald Trump delayed the so-called "reciprocal tariffs" in April, promising to reach around 90 trade agreements in 90 days. The White House said that country-specific tariffs will take effect on August 1 unless targeted nations reach a trade deal with the US beforehand. Tariff uncertainty is likely to boost the safe-haven demand, benefiting the Swiss Franc (CHF) in the near term.
A White House official said that US President Donald Trump is likely to fire Fed Chairman Jerome Powell soon. However, Trump denied it in a Truth Social post on Sunday, calling it “typically untruthful. Concerns over the US Federal Reserve (Fed) independence might contribute to the USD’s downside.
US Treasury Secretary Scott Bessent said the central bank’s independence on monetary policy is under threat by its "mandate creep" into non-policy areas. Bessent stated that deeper reforms of an antiquated financial regulatory system are needed and regulators should consider abandoning ‘flawed’ dual capital requirements for banks.
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