iggest single-day rise since 2015. The pair continues drifting lower through the early European session and slides back below the 0.9300 mark, hitting a fresh daily low in the last hour.
The Swiss Franc strengthens in reaction to a positive development surrounding the Swiss lender Credit Suisse and turns out to be a key factor dragging the USD/CHF pair lower. In fact, the troubled Swiss bank announced that it will exercise an option to borrow up to $54 billion from the Swiss National Bank to shore up liquidity.
This comes after Saudi National Bank - the largest shareholder of Credit Suisse Group AG - ruled out another call for additional liquidity on Wednesday and helps ease fears of a full-blown global banking crisis. This, in turn, dents the US Dollar's status as the global reserve currency and exerts additional downward pressure on the USD/CHF pair.
Nevertheless, spot prices, for now, seem to have snapped a two-day winning streak as traders now look to the US macro data for a fresh impetus. Thursday's
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