The USD/CHF was reported at 0.8435, marking the third consecutive trading day of decline. The Swiss franc has strengthened comprehensively against major currencies such as the US dollar and the euro.

Switzerland has long been regarded as a representative of political and financial stability; Investors choose to invest in low volatility, safe assets at the epicenter of global market turbulence;

Although the liquidity of the Swiss franc is limited, its risk resistance and neutral country image make it stand out in extreme markets.

After the United States imposed unprecedented tariffs on most countries, the Swiss franc has become the preferred safe haven. "- LSEG Foreign Exchange Analysts Group

Trump tariffs impact Swiss economy, market expects Swiss central bank to cut interest rates again

The US Customs has announced the imposition of country specific tariffs on goods from 86 countries, effective immediately; Switzerland has been subject to tariffs higher than those of the European Union and the United Kingdom, triggering strong economic expectations for a downward revision;

Switzerland's inflation rate is close to 0%, and the economic fundamentals are weak. The market expects the Swiss National Bank (SNB) to cut interest rates by 25 basis points in a future interest rate negotiation;

The current policy interest rate is still at a low level, and there is even a possibility of entering the negative interest rate range again.

Although the appreciation of the Swiss franc may exacerbate deflationary pressure, the SNB may have no choice in the face of market panic—— Credit Suisse Macro Economist Review

Editor's viewpoint:

Although the Swiss National Bank may take loose measures to suppress the appreciation of the Swiss franc, the current stage is one where funds ignore fundamentals and purely pursue "liquidity+safety". The attribute of the Swiss franc as the 'last safe haven' is amplified in extreme situations, and central bank intervention may not be able to reverse the trend in the short term.