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USD/CHF rallies to weekly highs after Draghi

FXStreet (Córdoba) - USD/CHF received a boost from Draghi’s dovish comments and rallied to a fresh 1-week high during the European session.

The franc weakened versus the dollar, moving in tandem with the euro, after European Central Bank President Draghi said the bank will do what it must to raise inflation back to its target of 2%.

USD/CHF climbed more than 80 pips in a matter of minutes and hit a 1-week peak of 0.9660 before slowing. At time of writing, the pair is trading at 0.9655, recording a 0.76% gain on the day, and on track to post a modest weekly gain.

There is no data scheduled for the rest of the day, so investors will likely continue to assess implications of Draghi’s comments.

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