Swiss Franc Pulls Back

2025-10-29 19:39 By Andre Joaquim 1 min. read

The Swiss franc weakened to 0.8 per USD in late October, the lowest in two weeks, tracking losses for other G7 currencies after the Federal Reserve pushed back against delivering more rate cuts this year.

Despite the broad slip, the franc remained over 12% higher since the start of the year as a global pivot to safety and the growing preference of non-dollar assets supported the Swiss currency, driving it to a record against the euro of 1.083 on October 20th.

The franc's strength drove markets to speculate on foreign exchange intervention by the SNB to tame the sharp appreciation during the third quarter, even though the central bank cut its benchmark policy rate to 0%.

Minutes from the September 25th SNB meeting indicated that policymakers view the current policy stance as supportive of the economy amid weak price growth and tariff-related uncertainties



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