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The Swiss franc was slightly higher around 0.826 per USD, amid a subdued dollar and increased expectations of rate cuts by the Swiss National Bank. Consumer prices in Switzerland unexpectedly remained stagnant year-on-year in April, compared to the 0.3% increase recorded in February and March, thus putting inflation at the lower end of the SNB’s target range of 0% to 2%. Inflation in Switzerland has been declining for months, remaining below 1% since last September and last exceeding 2% in the spring of 2023. In April, the Swiss franc strengthened against all major currencies as investors flocked to safe-haven assets, spurred by the fluctuating tariffs and fiscal policies of U.S. President Donald Trump.

Swiss Franc Firms Slightly

The Swiss franc traded around 0.83 per USD, holding close to its lowest since early April, as the dollar gained ground on improved investor sentiment amid optimism over softening U.S.-China trade tensions, fueled by reports of possible Chinese tariff exemptions. In parallel, the Trump administration hinted it could reduce tariffs on Chinese imports, depending on the progress of talks with Beijing. On the domestic front, Swiss National Bank Chairman Martin Schlegel cautioned that rising global economic risks are likely to weigh on Switzerland’s growth outlook. Speaking at the central bank's annual general meeting, he noted, “It remains very uncertain how inflation and the economy in Switzerland will develop.

Swiss Franc Lags as Dollar Surges

The Swiss franc weakened almost 1% to near 0.83 per USD, its lowest since April 9, as traders rushed back into the dollar, encouraged by easing concerns about the Federal Reserve’s independence and increasing optimism over US-China trade talks. This decline followed a strong rally that took the franc to its highest level in over a decade on April 21, driven by its status as a safe-haven asset amidst ongoing global trade uncertainty and erratic policy decisions from President Trump’s administration.

Swiss Franc Slips to 2-Week Low

The Swiss franc appreciated toward 0.80 per dollar in April, extending the month's rally to its strongest in over a decade, as increasing uncertainty in US economic policy pressured the greenback and favored the franc as the global safe-haven currency. The latest wave of inflows to Swiss markets was after the US Trump administration backed their threats that Fed Chair Powell might be dismissed by the President for not cutting interest rates, jeopardizing the central bank's independence. This magnified the franc's earlier rally after Trump's aggressive reciprocal tariff package drove investors to favor real foreign money and gold instead of dollar securities. The strengthening of the franc against the euro stoked speculation that the SNB may intervene in currency markets or retest negative interest rates.

Swiss Franc Strengthens to Over 10-Year High

USDCHF decreased to a 10-year low of 0.81. Over the past 4 weeks, US Dollar Swiss Franc lost 8.28%, and in the last 12 months, it decreased 11.16%.

Swiss Franc Hits 10-year High

The Swiss franc appreciated nearly 1% to around 0.816 per USD, holding close to 2011-highs, as the dollar weakened amid renewed U.S.-China trade tensions, stoking fears of a global recession. Since the April 2 tariff announcement, the franc has surged over 7%, making it one of the top-performing major currencies. The ongoing strength of the currency and the resulting deflationary pressures have raised expectations that the Swiss National Bank may consider reintroducing negative interest rates.

Swiss Franc Strengthens

The Swiss franc rose toward 0.81 per USD, holding close to its highest level since August 2011, supported by safe-haven demand amid a subdued dollar, as investors sought refuge from persistent market uncertainty driven by President Trump’s shifting trade stance and unpredictable policies. On Monday, Trump suggested he might temporarily exempt the auto industry from previously imposed tariffs, allowing carmakers more time to adjust their supply chains. He also announced temporary exemptions for key tech products—including semiconductors and smartphones—from the latest round of tariffs on Chinese imports. Meanwhile, the franc's ongoing strength has sparked speculation that the central bank may cut interest rates further to prevent deflationary risks, as concerns grow that the currency's rise could lower import costs too much for the SNB’s comfort. The SNB's key rate is now 0.25%, with Swiss inflation at 0.3%, the lower end of its target range.

The Swiss franc edged slightly lower toward 0.82 per USD but remained near its strongest levels since 2011, as investor uncertainty persisted amid the unpredictability of U.S. trade and economic policy. Some relief came after President Donald Trump announced temporary exemptions on key tech products — including semiconductors and smartphones — from the latest round of tariffs on Chinese imports. However, the U.S. administration later clarified that these items remain subject to existing 20% fentanyl-related tariffs, and a new special tariff targeting semiconductors and electronics is set to take effect in about a month. With the Swiss franc holding firm, economists are increasingly focused on potential measures from the Swiss National Bank (SNB), including the possibility of a rate cut in June if the franc doesn’t soften from its current level.

Swiss Franc Remains Close 2011-Highs

The Swiss franc appreciated more than 1% to near 0.81 per USD, a level last seen in August 2011, as the dollar tumbled under the pressure of the ongoing U.S.-China trade war. Given the uncertainty of U.S. tariff policies, market volatility is expected to persist, prompting investors to seek refuge in safe-haven assets. In retaliation for Washington’s decision to hike tariffs on Chinese goods to 145%, China’s finance ministry announced it would raise tariffs on U.S. imports to 125%, up from the previous 84%. Meanwhile, the Swiss franc's ongoing strength has sparked speculation that the central bank may cut interest rates into negative territory to prevent deflationary risks, as concerns grow that the currency's rise could lower import costs too much for the SNB’s comfort. The SNB's key rate is currently at just 0.25% and Swiss inflation at the lower end of its target range, at 0.3%. Analysts are currently leaning towards another 25 basis point rate cut in June.

Swiss Franc Rallies to 2011-Highs

USDCHF decreased to a 10-year low of 0.83. Over the past 4 weeks, US Dollar Swiss Franc lost 5.64%, and in the last 12 months, it decreased 8.45%.

USDCHF decreased to a 15-month low of 0.84. Over the past 4 weeks, US Dollar Swiss Franc lost 5.2%, and in the last 12 months, it decreased 8.03%.

Swiss Franc Hits 15-month High

The Swiss franc continued its upward momentum, trading near 0.84 per USD, its highest since September 2024, as recession fears from Trump’s tariffs drove investors to seek refuge in safe-haven assets amid growing market turmoil. Meanwhile, the massive influx of funds into the Swiss franc is igniting speculation that the central bank may need to take action, including potentially cutting interest rates into negative territory to rein in the currency's rise. More specifically, concerns are rising that that the Swiss franc may be strengthening too much for the SNB’s comfort, as it could lower import costs enough to create deflationary risks for the economy. The SNB's key rate is currently at just 0.25% and Swiss inflation at the lower end of its target range, at 0.3%.

Swiss Franc Firms Amid Safe-Haven Demand

The Swiss franc continued to appreciate toward 0.85 per USD, a fresh high since early October 2024, as investors sought refuge from the intensifying market turmoil caused by US President Donald Trump’s sweeping tariffs and mounting concerns about a global recession. As part of his "reciprocal tariffs" approach, President Trump imposed a 31% tariff on Swiss imports, claiming it was in retaliation for Switzerland's 61% duties on US exports. On the domestic data front, Swiss annual inflation unexpectedly stood at 0.3% in March 2025, unchanged from February’s near four-year low, compared to market forecasts of 0.5%. The new tariffs are likely to weigh on both economic growth and inflation in Switzerland,  increasing the likelihood of further rate cuts by the Swiss National Bank this year.

Swiss Franc Hits New 6-Month High

The Swiss franc strengthened toward 0.87 per USD, the highest level since early November 2024, as investors flocked to safe-haven assets in response to US President Donald Trump's more aggressive-than-anticipated tariffs on major trading partners. Meanwhile, as part of his "reciprocal tariffs" strategy, President Trump imposed a 31% levy on Swiss imports. On the domestic data front, the annual inflation rate in Switzerland stood at 0.3% in March 2025, unchanged from February’s near four-year low, slightly below market forecasts of 0.5%.

Swiss Franc Hits 5-Month High

The Swiss franc weakened past 0.88 per USD after reaching a four-month high of 0.876 on March 18th after the Swiss National Bank lowered its key policy rate to 0.25%, its lowest since September of 2022. Even though the move was largely expected and the central bank refrained from committing to a specific policy path, policymakers noted that lower borrowing costs are appropriate to ensure that monetary conditions match the low inflationary pressure. The move also prevents the franc from being overly strong as geopolitical risks, the stable inflation in Switzerland, and uncertain economic policy in the US raise demand for the currency should investors pivot to safety. The annual inflation rate in Switzerland fell to 0.3% per the latest data, it's lowest in nearly four years. In the meantime, Saron futures showed that the market does not currently price more cuts in the cycle.

Swiss France Pulls Back from 4-Month High

The Swiss Franc appreciated to around 0.878 per USD, a fresh high since early December, supported by a weaker dollar and heightened safe-haven demand amid growing concerns over global economic conditions and geopolitical tensions. Meanwhile, the unpredictable nature of Trump’s tariff policies is creating confusion for businesses, consumers, and investors, amplifying fears of rising inflation. Locally, Swiss inflation continued its downward trend in February, with headline CPI rising 0.3% y/y, marking the lowest level since April 2021, down from 0.4% in January.  A rate cut by the Swiss National Bank (SNB) seems increasingly likely at its meeting on March 20, with markets anticipating a 25 basis point reduction. In December, the SNB lowered rates by 50 basis points, bringing the cash rate to 0.5%. Further supporting the case for policy loosening, the Swiss economy grew by just 0.2% q/q in the fourth quarter of 2024, down from 0.4% in Q3, marking the weakest expansion since Q2 2023.

Swiss Franc Hits Fresh 3-Month High

The Swiss Franc appreciated further to around 0.886 per USD, a new high since December 11, as the dollar weakened following news of possible readjustments in U.S. tariffs.  Meanwhile, Swiss inflation fell again in February, fueling expectations for more interest rate cuts by the Swiss National Bank this year, potentially with another cut this month. The annual inflation rate in Switzerland eased slightly to 0.3% in February 2025, the lowest since April 2021, down from 0.4% in January, marking the sixth month of inflation below 1%.

The Swiss Franc firmed to around 0.89 per USD, its highest since mid-December 2024, due to safe-haven demand amid rising tariff war fears. US tariffs on Canada, Mexico, and China took effect, escalating global trade tensions. In response, Canada and China announced retaliatory measures, including counter-tariffs on US goods. Meanwhile, traders continued to evaluate the potential for increased defense spending by European governments.

Swiss Franc at Over 2-Month High

The Swiss Franc depreciated to 0.897 per USD, down from a seven-week high of 0.893 per USD, as the dollar strengthened following US President Donald Trump’s announcement of potential 25% tariffs on European goods, including cars. While exports to the US have increased in response to weaker demand from China and Europe, the threat of US tariffs could impact key Swiss sectors like pharmaceuticals, machinery, and watches. Meanwhile, Switzerland’s GDP growth slowed to 0.2% in Q4 2024, down from 0.4% in Q3, marking the weakest expansion since Q2 2023, driven by services and industrial sectors, notably the chemical and pharmaceutical industry. With inflation declining rapidly, the Swiss National Bank faces mounting pressure to cut interest rates further. A final reduction is expected in March, though rates are set to remain in positive territory.

Swiss Franc Weakens

The Swiss Franc remained strong at around 0.90 per USD, near its highest level since late December, as investors sought safer assets amid uncertainty over US trade policies. President Trump’s shifting stance on tariffs, with unexpected delays and exemptions, has created concerns about potential market disruptions. At the same time, the US is moving forward with talks to end the war in Ukraine, but European and Ukrainian officials are being excluded, adding to geopolitical risks. On the economic side, Switzerland’s inflation dropped for the second month in a row, hitting 0.4% in January, its lowest level in nearly four years. This marks the fifth straight month below 1%, raising fears that inflation could turn negative, challenging the Swiss National Bank’s 0-2% target. However, core inflation, which excludes volatile items, unexpectedly rose. If this trend continues, it could signal that underlying price pressures remain stable, easing concerns for the central bank.

Swiss Franc Holds Near 7-Week High

The Swiss Franc firmed to around 0.90 per USD, its highest in a week, amid a weakening dollar following news that the US aims to begin talks with Russia to end the war in Ukraine. Meanwhile, Switzerland's consumer price inflation eased for the second straight month in January to the lowest level in nearly four years at 0.6%.

The Swiss Franc traded around 0.90 per USD, its highest since late December 2024, on safe-haven demand following a global sell-off in tech stocks, triggered by the popularity of a new Chinese AI app. Meanwhile, the dollar came under pressure as US President Donald Trump reversed tariff threats against Colombia. President Trump imposed sweeping retaliatory tariffs on Colombia after the country denied two military planes carrying deported migrants, but the measures were rolled back following a deal between the two nations. On the domestic front, SNB Chairman Martin Schlegel noted that the Swiss National Bank still has room to cut rates further if inflation drops too much, with the possibility of rates falling below 0%. He added that while US tariff hikes would have limited impact on Swiss inflation, the safe-haven franc could be affected by rising global uncertainties. The SNB cut interest rates from 1% to 0.5% in December, its largest reduction in over a decade.

Swiss Franc at Over 1-Month High

The Swiss Franc hovered around 0.90 per USD, its highest in over a week, as the dollar weakened on hopes that President-elect Donald Trump would impose less aggressive tariffs. Meanwhile, Swiss inflation fell again in December, fueling expectations for more interest rate cuts by the Swiss National Bank this year, potentially starting with a 25 bps reduction in March. Consumer price inflation eased to 0.6% in December, down from 0.7% in November, in line with forecasts, marking the fourth straight month of inflation below 1%. The SNB expects inflation to slow to 0.3% in 2025 and 0.8% in 2026.

Swiss Franc at Over 1-Week High

The Swiss Franc traded around 0.90 per USD, up from an over seven-month low of 0.91 per USD hit on January 2nd, helped by a softer dollar. Meanwhile, inflation in Switzerland is expected to decline to 0.6% in December from 0.7% in November, raising the likelihood of additional rate cuts this year to prevent deflation. The SNB lowered the policy rate by 50 basis points to 0.50% at its December 12 meeting, marking a more aggressive step after three consecutive 25bps cuts, amid slowing economic growth and continued easing of inflationary pressures. While inflation remains within the SNB's target range of 0-2%, it continues to fall short of forecasts, leading to downward revisions of the central bank's inflation outlook for 2025. Despite the SNB’s rate cuts, the franc has largely maintained its strength, benefiting from its status as a safe haven amid ongoing political instability in the eurozone and geopolitical tensions in the Middle East and Ukraine.

Swiss Franc Stronger

The US Dollar exchange rate rose above 0.9 Swiss Franc in the foreign exchange interbank market.

Swiss Franc traded above 0.9

The Swiss Franc depreciated to around 0.89 per USD, its lowest since November 22, following a larger-than-expected 50 basis point cut in the key interest rate by the Swiss National Bank (SNB). This marked the SNB's biggest rate reduction in almost a decade, exceeding the consensus expectation of a 25 basis point cut. Some analysts, however, had anticipated the 50 basis point move as a measure to stimulate economic growth amidst weak inflation. Policymakers cited declining underlying inflationary pressures and the need to maintain appropriate monetary conditions. Inflation fell from 1.1% in August to 0.7% in November, remaining within the SNB's target range of 0-2%.

Swiss Franc at Near 3-Week Low

The Swiss franc was relatively stable around 0.88 per USD, its lowest in a week, amid a slightly stronger greenback and in anticipation of SNB meeting. The central bank is expected to cut its key policy rate by 25 basis points (bps) at its meeting on December 12th, marking the fourth consecutive reduction, as inflation remains "comfortably" within the central bank’s 0-2% target range. A small minority of economists anticipates a larger half-point cut at the meeting to stimulate economic growth and curb speculation in the franc. Consumer price inflation increased to 0.7% in November, up from 0.6% in October, but below the forecasted 0.8%. Downward pressure is expected in January due to anticipated adjustments in electricity prices. Switzerland's economy is growing slowly, with GDP expanding 0.4% quarter-on-quarter in Q3, down from 0.6% in Q2, partly due to weak manufacturing linked to geopolitical tensions and recession in key trading partner Germany.

Swiss Franc Hovers Around 1-Week Low

The Swiss Franc edged higher to around 0.88 per USD after Swiss inflation rose slightly less than anticipated. Consumer price inflation ticked up to 0.7% in November from 0.6% in October, falling short of the forecasted 0.8%. This data bolsters expectations for a fourth consecutive rate cut by the Swiss National Bank on December 12. Policymakers have noted that inflation remains "comfortably" within the central bank’s 0-2% target range, with November marking the third consecutive month below 1%. These developments, coupled with slowing economic growth, a subdued outlook for the export sector, and upward pressure on the franc against the euro amid political uncertainty in France and Germany, could further justify a rate reduction.

Swiss Franc Slightly Higher

The Swiss franc appreciated slightly to around 0.89 per USD, pulling away from recent four-month lows, amid a weaker dollar following President-elect Donald Trump's selection of fiscal conservative fund manager Scott Bessent as the US Treasury secretary. Meanwhile, ongoing US strong economic data reinforced expectations the Federal Reserve would need to slow the path of rate cuts. Domestically, the recent decline in inflation has led to market expectations of further interest rate cuts by the Swiss National Bank (SNB) later this year and into 2025 to counter deflationary pressures. Meanwhile, Swiss National Bank (SNB) Chairman Martin Schlegel reiterated that the central bank will continue prioritizing low inflation as the cornerstone of its monetary policy, emphasizing that maintaining inflation within the 0-2% range has been key to Switzerland's strong economic performance in recent years.

Swiss Franc Firms

The Swiss franc depreciated to around 0.89 per USD, its lowest since mid-July, pressured by a strengthening dollar after ongoing US strong economic data reinforced expectations the Federal Reserve would need to slow the path of rate cuts. Investors also remained cautious about the potential inflationary impact of policies proposed by Donald Trump’s administration. Domestically, Swiss National Bank (SNB) Chairman Martin Schlegel reiterated that the central bank will continue to prioritize low inflation as the cornerstone of its monetary policy. He emphasized that maintaining inflation within the 0-2% range has been crucial to the Swiss economy's strong performance in recent years. The recent downward trend in inflation has stoked market expectations of more interest rate cuts by the SNB this year and into 2025 to head off deflationary risks. The annual inflation rate in Switzerland eased for the third month to 0.6% in October 2024, the lowest since June 2021.

Swiss Franc at Over 4-Month Low

The Swiss franc strengthened to around 0.88 per USD, up from recent three-month lows, as investors rushed into safety amid a worrying escalation of rhetoric and positioning in the ongoing war between Russia and Ukraine. President Vladimir Putin signed a revised nuclear doctrine declaring that a conventional attack on Russia by any nation that is supported by a nuclear power will be considered a joint attack on his country. Meanwhile, the ongoing strong US economic data and potential inflation from proposed tariffs have fuelled speculation that the Fed would slow the path of rate reductions. Domestically, Switzerland's inflation rate unexpectedly slowed to a more than three-year low of 0.6% in October, raising expectations of another rate cut in December. However, SNB Vice Chairman Antoine Martin recently cautioned that the central bank is not committed to further cuts in December, noting that decisions will depend on economic conditions at the time.

Swiss Franc Firmer

The Swiss Franc traded around 0.88 per USD, its lowest since late July, as the dollar strengthened after a closely watched inflation report showed US inflation rose in line with expectations in October. This supported expectations that the Federal Reserve will deliver another rate cut in the upcoming December meeting. Meanwhile, investors remained cautious about the proposed policies of Donald Trump’s administration, which could exacerbate inflationary pressures. On the domestic front, softer-than-expected CPI data has fueled expectations that the Swiss National Bank (SNB) could opt for a larger 50 basis point rate cut at its December meeting to prevent inflation from falling below its 0-2% target range. Swiss inflation unexpectedly slowed to its lowest level in over three years, dropping to 0.6% in October.

Swiss Franc at Over 3-Month Low

The Swiss franc was slightly higher around 0.87 per USD, up from recent three-month lows, as traders turned to safe-haven assets, especially after the US elections, amid growing uncertainty over global economic growth. Investors remained wary of the new Trump administration's policies, which could have inflationary effects. Meanwhile, the Federal Reserve cut interest rates by 25 basis points, its second reduction this year, with Chair Jerome Powell signaling a cautious outlook on future monetary policy. Domestically, softer-than-expected CPI data has fueled expectations that the Swiss National Bank (SNB) could opt for a larger 50 basis point rate cut at its December meeting to prevent inflation from falling below its 0-2% target range. Swiss inflation unexpectedly slowed to its lowest level in over three years, dropping to 0.6% in October.

Swiss Franc Slightly Firmer

The Swiss franc strengthened to around 0.87 per USD, rebounding from recent three-month lows as the dollar softened following a post-election surge driven by Trump’s U.S. victory. Traders were cautious ahead of the Federal Reserve's policy decision, shifting attention to Fed Chairman Jerome Powell’s outlook on inflation and future rate decisions, especially following the U.S. election results. On the domestic front, softer-than-expected CPI data has strengthened expectations that the Swiss National Bank (SNB) may push for a larger 50 basis point rate cut at its December meeting to prevent inflation from falling below its 0-2% target range. Swiss inflation unexpectedly slowed further to its lowest in over three years at 0.6% in October. The central bank lowered its key rate for the third consecutive time in September, by 0.25% to 1%, and indicated the possibility of further cuts in the coming months due to a significant decline in inflationary pressures.

The Swiss franc depreciated past 0.87 per USD, the weakest level in about three months, as the dollar soared on early U.S. election results indicating a higher likelihood of a Donald Trump victory. This outcome has revived “Trump trades,” with expectations that the former president’s plans to raise tariffs and cut corporate taxes could increase inflation and keep interest rates elevated. On the domestic front, softer-than-expected CPI data has strengthened expectations that the Swiss National Bank (SNB) may push for a larger 50 basis point rate cut at its December meeting to prevent inflation from falling below its 0-2% target range. Swiss inflation unexpectedly slowed further to its lowest in over three years at 0.6% in October. The central bank lowered its key rate for the third consecutive time in September, by 0.25% to 1%, and indicated the possibility of further cuts in the coming months due to a significant decline in inflationary pressures.

Swiss Franc Depreciates to 3-Month Low

The Swiss Franc appreciated to around 0.86 per USD, its highest since mid-October, benefiting from a softening dollar amid uncertainty over the outcome of the US presidential election. Meanwhile, investors' attention was also on the interest rate outlook as the Fed's policy decision loomed, with an expected 25-basis-point cut. On the domestic front, softer-than-expected CPI data has strengthened expectations that the Swiss National Bank (SNB) may push for a larger 50 basis point rate cut at its December meeting to prevent inflation from falling below its 0-2% target range. Swiss inflation unexpectedly slowed further to its lowest in over three years at 0.6% in October. The central bank lowered its key rate for the third consecutive time in September, by 0.25% to 1%, and indicated the possibility of further cuts in the coming months due to a significant decline in inflationary pressures.

Swiss Franc Strengthens to 3-Week High

The Swiss Franc weakened slightly to around 0.87 per USD, its lowest since mid-August, after Swiss inflation eased further to its lowest in over three years at 0.6% in October. Softer CPI data has strengthened expectations that the Swiss National Bank (SNB) may push for a larger 50 basis point rate cut at its December meeting to prevent inflation from falling below its 0-2% target range.

Swiss Franc Weakens After CPI Data

The Swiss Franc traded around 0.86 per USD, close to two-month highs, pressured by a stronger dollar ahead of the looming U.S. presidential election and expectations of a more gradual monetary easing cycle by the Fed following a series of stronger-than-expected U.S. economic data. Meanwhile, the continued deceleration in Swiss inflation reinforced expectations of another rate cut by the Swiss National Bank (SNB) at the upcoming December meeting. Inflation dropped for the third month to 0.8% in September, the lowest in over three years, down from 1.1% in August. The central bank lowered its key rate for the third consecutive time in September, by 0.25% to 1%, and indicated the possibility of further cuts in the coming months due to a significant decline in inflationary pressures

Swiss Franc Hovers Near 2-Month Lows

The Swiss Franc weakened slightly to around 0.85 per USD after Swiss inflation eased to 0.8%, falling short of market expectations of 1.1%. The softer CPI data bolstered expectations for dovish policymakers pushing for a 50 basis point rate cut by the Swiss National Bank (SNB) in the upcoming December meeting. Previously, the SNB had already reduced the key interest rate by 25 basis points for the third consecutive time. At the same time, the US dollar has been gaining strength, reaching a new three-week high, as robust US private employment data supported the view that the Federal Reserve may not need to implement aggressive rate cuts.

Swiss Franc Weakens Slightly after CPI Print

The Swiss Franc strengthened slightly to below 0.84 per US after the Swiss National Bank cut the key interest rate by 25bps for the third consecutive time. However, some investors were betting on a bigger 50bps reduction after the Fed's move. Also, some market participants were awaiting a more forceful statement from the central bank regarding the strength of the franc, which is nearing the twelve-year-highs seen in December of last year. There is uncertainty among traders regarding the possibility of another rate cut in December, with some believing that the central bank will keep rates steady. Additionally, opinions are divided on whether any potential cut would be at a rate of 25bps or 50bps.

Swiss Franc Appreciated After SNB Rate Cut

The Swiss Franc strengthened to below 0.85 per USD, approaching year-to-date lows, benefiting from a general dollar weakness as the latest U.S. jobs report prompted speculation that the Federal Reserve might consider a significant rate cut this month. The U.S. economy added fewer jobs than anticipated in August, with job growth figures for both June and July revised sharply downward. Meanwhile, in Switzerland, the inflation rate dropped to 1.1% in August, marking a five-month low, down from 1.3% in the previous two months and below market expectations of 1.2%. In June, the Swiss National Bank implemented a second consecutive 25 basis point interest rate cut.

Swiss Franc Near 2024-Highs Amid Dollar Weakness

The Swiss Franc appreciated to around the 0.87 level against the USD, hitting new 6-month highs, driven by concerns about an economic slowdown after weaker US data, prompting investors to adopt a flight-to-safety strategy. In the meantime, the annual inflation rate in Switzerland stood at 1.3% in July 2024, unchanged from the previous month and in line with market expectations.

Swiss Franc Hits Fresh 6-Month Highs

The Swiss Franc strengthened towards the 0.88 mark against the USD, reaching its highest level since the SNB's rate cut on June 20th, influenced by the franc-funded carry trade unwinds. Meanwhile, the dollar is hovering at its lowest levels in four months as traders anticipate multiple interest rate cuts by the Federal Reserve this year. A series of dovish statements from Fed officials, including Fed Chair Powell, bolstered these expectations. Powell noted that recent data “add somewhat to confidence” that inflation will return to target and emphasized that the central bank will not wait until inflation hits 2% before cutting rates.

Swiss Franc Rebounds to New 4-Week Highs

The Swiss franc was around 0.9 per USD, nearing 5-week lows, as traders digest the monetary and economic outlook. Inflation rate in Switzerland came in lower than expected at 1.3% in June from 1.4% in each of the previous two months. Last month, the Swiss National Bank had lowered the key interest rate by 25 basis points for the second consecutive meeting. Swiss policymakers continue to diverge from their major counterparts, including the Fed, which has not eased yet, and the ECB, which remains hesitant to further reduce borrowing costs. However, the dollar has been on a downward trend since the last week of June, amid increasing bets the Fed will in fact lower the borrowing cost this year.

Swiss Franc Nears 5-Week Lows After Swiss Inflation Data

The Swiss franc weakened nearly 0.5% to approach 0.89 per USD after the Swiss National Bank lowered the key interest rate by 25bps for a second consecutive meeting, in line with expectations from most investors. Policymakers mentioned declining underlying inflationary pressures while aiming to maintain appropriate monetary conditions. Inflation in Switzerland held at 1.4% in May. Prior to the decision, the franc traded close to three-month highs against the dollar and four-month highs against the euro, as lower-than-expected inflation and retail sales data in the US prompted bets the Fed will lower borrowing costs this year while political turmoil in France also prompted a flight to safety.

Swiss Franc Weakens after SNB

The Swiss franc held steady at the 0.9 per USD mark, trading near two-month lows, as recent US data reinforced expectations that the Federal Reserve is poised to begin an easing cycle in September. In Switzerland, consumer prices increased by 0.3% month-on-month in May 2024, matching the previous period's pace and slightly below the anticipated 0.4% rise.

Swiss Franc Steadies at 2-Month Low

The Swiss franc retreated to the 0.9 per USD mark, hitting a fresh 2-month low, after softer economic data in the US limited concerns of an overly hawkish Federal Reserve. Investors are also awaiting key Swiss inflation figures due next week, which will significantly influence the Swiss National Bank's future monetary policy. The likelihood of a rate cut in June dropped to just under 50% after SNB Chairman Thomas Jordan mentioned on Thursday that the SNB perceives a "small upward risk" to its inflation forecast.

Swiss Franc Hits Fresh 2-Month Low

The Swiss franc rebounded to the 0.91 per USD mark from the seven-month low of 0.92 touched on May 1st, after hotter-than-expected inflation data drove markets to pare expectations on the extent of looser policy by the SNB. Annual inflation rose to 1.4% in April from the two-and-a-half-year low of 1% in the earlier month, well above market expectations of 1.1%. The Swiss National Bank had already signaled that prices were vulnerable to shocks amid heightened geopolitical tensions and the SNB’s loosened grip on the franc, with foreign currency reserves increasing for a fourth month since touching seve-year lows in November. Still, the quick pace of acceleration in consumer prices and concerns that the rise may lead to second-round effects eased expectations on whether the SNB may deliver another rate cut in June. In the meantime, the franc was also supported by a softer dollar after the Fed refrained from giving overly hawkish signals in its latest rate decision.

Swiss Franc Rebounds After CPI

The Swiss franc steadied near 0.91 per USD, holding the sharp losses from the first quarter that took the currency to a six-month low amid stark differences in expected monetary policy paths between the US and Switzerland. Annual Swiss inflation fell to an over-two-year low of 1% in March to underscore the SNB’s rhetoric that underlying inflation has moderated. Along with pessimistic business confidence and a contraction in retail sales, the result supported market bets that the SNB may deliver another rate hike in its upcoming June meeting. The franc had already depreciated sharply after the SNB unexpectedly delivered a rate cut in March, the first major central bank to do so in the current global inflation cycle. The lower inflation outlook also allowed the central bank to relax its support for the franc, with foreign currency reserves increasing for a third month in February since touching seven-year lows in November.

Swiss Franc Steadies Near 6-Month low

The Swiss franc depreciated past 0.91 per USD, the lowest in over six months, as hot inflation in the US highlighted the stark differences in expected monetary policy paths between the US and Switzerland. Annual Swiss inflation fell to 1% in March, the lowest in over two years, and below market expectations of 1.3% to underscore the SNB’s rhetoric that underlying inflation has moderated. Along with pessimistic business confidence and a contraction in retail sales, the result supported market bets that the SNB may deliver another rate hike in its upcoming June meeting. The franc had already depreciated sharply after the SNB unexpectedly delivered a rate cut in March, the first major central bank to do so in the current global inflation cycle. The lower inflation outlook also allowed the central bank to relax its support for the franc, with foreign currency reserves increasing for a third month in February since touching seven-year lows in November.

Swiss Franc Weakens to 6-Month Low

The Swiss franc depreciated past 0.905 per USD, close to the five-month low of 0.908 touched on April 2nd as lower inflation supported a scenario where monetary policy between Switzerland and the US should further contrast. Annual Swiss inflation fell to 1% in March, the lowest in over two years, and below market expectations of 1.3% to underscore the SNB’s rhetoric that underlying inflation has moderated. Along with pessimistic business confidence and a contraction in retail sales, the result supported market bets that the SNB may deliver another rate hike in its upcoming June meeting. The franc had already depreciated sharply after the SNB unexpectedly delivered a rate cut in March, the first major central bank to do so in the current global inflation cycle. The lower inflation outlook also allowed the central bank to relax its support for the franc, with foreign currency reserves increasing for a third month in February since touching seven-year lows in November.

Swiss Franc Approaches 5-Month Low

The Swiss franc depreciated toward 0.91 per USD in April, the weakest in five months, amid contrasting monetary policies between the Swiss National Bank and the Federal Reserve. The SNB lowered its benchmark interest rate by 25bps to 1.5% in its March meeting, surprising markets that expected a hold, to mark the first rate cut among major central banks following the start of global disinflation in 2023. In addition to lowering rates, the SNB delivered sharp downward revisions to the Swiss inflation outlook, with policymakers expecting that inflation will not surpass the 1.5% level in the near term despite the end of utility subsidies by the government. The lower inflation outlook also allowed the central bank to relax its support for the franc, with foreign currency reserves increasing for a third month in February since touching seven-year lows in November. On the other hand, the Fed held interest rates, and a robust economic backdrop continued to threaten delay in the start of cuts.

Swiss Franc Weakens to 5-Month Low

The Swiss franc depreciated to 0.9 per USD in late March, the weakest in nearly five months, amid contrasting monetary policies between the Swiss National Bank and the Federal Reserve. The SNB lowered its benchmark interest rate by 25bps to 1.5% in its March meeting, surprising markets that expected a hold, to mark the first rate cut among major central banks following the start of global disinflation in 2023. In addition to lowering rates, the SNB delivered sharp downward revisions to the Swiss inflation outlook, with policymakers expecting that inflation will not surpass the 1.5% level in the near term despite the end of utility subsidies by the government. The lower inflation outlook also allowed the central bank to relax its support for the franc, with foreign currency reserves increasing for a third month in February since touching seven-year lows in November. On the other hand, the Fed held interest rates, and stubborn inflation continued to threaten delay in the start of cuts.

Swiss Franc Weakens to Near 5-Month Low

The Swiss franc weakened beyond 0.895 against the US dollar, touching its lowest level since November 13th, following a surprise move by the Swiss National Bank to cut interest rates for the first time in nine years. At its March meeting, the bank reduced its main interest rate by 25 basis points to 1.50%, positioning itself as the first major central bank to ease monetary policy aimed at addressing inflation. This adjustment comes as Swiss inflation retreated to 1.2% in February, marking the ninth consecutive month within the SNB's target range of 0-2%.

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