World News – GB – USD / CHF rises as focus shifts to Swiss unemployment and the Pfizer vaccine

USD / CHF is up by 025% today as traders react to the latest unemployment rate data in Switzerland, the latest Covid vaccine news and US election results, the pair is trading at 09000, which is a few points higher than today’s low of 08995
USD / CHF is up today

The Swiss economy has been affected by the Covid pandemic in total, the virus has infected more than 212 thousand people and killed more than 2,400 of them unfortunately, the country is also fighting a second wave of the virus On November 3, the Swiss authorities confirmed the presence of more than 21 thousand cases in the country, This prompted the government to implement new restrictions.

However, the country’s economy was relatively resilient. For example, it recorded 82% contraction in the second quarter. While this was bad, it was better than the 30% decline in the US and 147% in the European Union.

This trend was also evident today when the State Secretariat for Economic Affairs (SECO) released data on the country’s unemployment rate. Figures showed that the unemployment rate remained unchanged at 32% in October. This happened as the number of unemployed increased by 558 to 149,118. The rate was better. Of the 33% increase, analysts polled by Reuters expected

The youth unemployment rate decreased by 1,508 while the unemployment rate for people aged 50 to 64 increased by 1,015. At the same time, the number of job seekers in the market increased by 3,315 while the number of vacancies decreased by 4 054

USD / CHF is also reacting to the US election results over the weekend. Former Vice President, Joe Biden, surpassed 270 important election schools. This made him become the next US president, defeating Donald Trump.

Today’s market tries to digest results and forecast the outcome First, investors believe Biden will face an uphill challenge to pass big bills because Republicans are prepared to keep their majority in the Senate

Second, they believe global risks will be reduced given that Biden will prioritize dialogue rather than threats

Third, analysts expect tighter environmental and consumer protection regulations that will mostly affect energy and finance companies

Finally, investors believe Biden will succeed in renegotiating trade deals by eliminating Trump’s trade wars.

Elsewhere, the USD / CHF pair is reacting to the news that Pfizer and BioNTech’s vaccine is over 90% effective against the Covid virus.

Update: We are proud to announce, together with BioNTech_Group, that the mRNA-based #vaccine filter has shown, in an interim analysis, preliminary evidence of efficacy against # COVID19 in participants without prior evidence of SARS-CoV-2- infection (Pfizer). pfizer) 9 November 2020

Update: We are proud to announce, together with BioNTech_Group, that the mRNA-based #vaccine filter has shown, in an interim analysis, preliminary evidence of efficacy against # COVID19 in participants without prior evidence of SARS-CoV-2 infection-Co Pfizer 9 November 2020

The USD / CHF is trading at 09017 on the daily chart. This price is below the 25 and 50 day exponential moving averages and is slightly above the important support at 0900 as the pair has formed a double bottom pattern. Therefore, I suspect the pair is Will start to rise with major risks, including the US election and COVID-19 mitigation, start trading by checking our comprehensive review of the best Forex & CFD brokers.

US Dollar, Swiss Franc, Foreign Exchange Market, and Unemployment