Crédit Agricole Corporate and Investment Bank
February 10, 2026
FX Daily
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The USD is weakening on labor market fears and reports of Chinese banks cutting UST exposure, while CHF and NOK show resilience.
Key Takeaways
- 1.USD is under pressure due to labor market concerns and reports of Chinese officials encouraging banks to reduce US Treasury exposure.
- 2.The CHF remains strong despite a lack of obvious catalysts, with EUR/CHF hitting new lows below 0.9130.
- 3.NOK strength is supported by global risk appetite and a solid Q425 mainland GDP pick-up (0.4% QoQ).
Table of Contents
- Asia overnight
- USD: the sum of all fears
- CHF: relentless
- NOK: inflated?
- Latest publications
- Open trade recommendations
- Key events
- Red Mount Analytics
- Global Markets Research contact details
- Certification
- Valuation and methodology
- Disclaimer
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Authors
Valentin MarinovDavid ForresterAlexandre Dolci
Securities
US TreasuriesEUR/CHFEURSEKAUDUSD
Themes
US Labor Market WeaknessChinese UST De-riskingSafe Haven Resilience (CHF/JPY)
Regions
North AmericaEuropeAsia PacificUnited StatesNorwayChina