The recent forecasts and developments for the SGD/CHF exchange rate present a nuanced picture, shaped by ongoing economic conditions in both Singapore and Switzerland. As of mid-October 2025, analysts note that the Singapore dollar (SGD) has reached 14-day highs near 0.6196, trading within a stable 3.2% range, which reflects its three-month average. This stability occurs against a backdrop of positive economic indicators for Singapore, particularly a stronger-than-expected GDP growth of 2.9% year-on-year in Q3 2025, which surpassed predictions of 1.9%. The Monetary Authority of Singapore (MAS) recently opted to maintain its monetary policy, underscoring confidence in the country's economic resilience amidst global uncertainties.
Conversely, the Swiss franc (CHF) faces considerable pressure due to U.S. tariffs imposed earlier in July 2025, which have profoundly impacted Switzerland's export economy. Swiss exports saw significant challenges with a steep 39% tariff on key goods, leading to heightened volatility in the franc. The Swiss National Bank (SNB) has responded by increasing foreign currency purchases, aiming to combat the appreciation of the CHF that has resulted from these tariffs. While SNB officials have reassured that they do not seek competitive advantages through currency manipulation, the prevailing economic pressures and an anticipated zero interest rate policy through at least 2026 suggest that the CHF may experience ongoing challenges.
Economists indicate that easing inflationary pressures in Singapore could lend support to the SGD against the CHF. With the MAS revising its core inflation forecast downward, this could allow for greater flexibility in monetary policy if needed in response to external shocks. On the other hand, the uncertainty surrounding U.S. tariffs continues to create deflationary pressures in Switzerland, complicating the outlook for the CHF.
In summary, while the SGD exhibits relative strength bolstered by solid economic growth, the CHF remains under strain from external trade pressures and domestic economic constraints. Analysts suggest that the exchange rate may remain stable in the near term, with potential volatility stemming from external macroeconomic developments, particularly relating to trade policies affecting both currencies.
