The Swiss franc (CHF) has recently faced significant pressure due to economic headwinds, primarily stemming from new U.S. tariffs. As of November 11, 2025, the Swiss National Bank (SNB) has maintained its key interest rate at 0%, reflecting concerns about the tariffs' impact on key export sectors such as machinery and watchmaking. Analysts indicate that these tariffs, initially set at 39%, have caught Swiss officials off guard, leading to a notable slump in both the stock market and the CHF itself.
In response to the appreciating Swiss franc triggered by these tariffs, the SNB increased its foreign currency purchases significantly in Q2 2025, to the highest level seen in over three years. This move is part of a broader strategy to stabilize the currency and support the economy amid rising inflation concerns. Recent data shows an unexpected dip in Swiss inflation to just 0.1% year-on-year in October 2025, down from 0.2% in September, further complicating the central bank’s policy landscape.
The current exchange rates reflect a relatively stable environment for the CHF. The CHF to USD stands at 1.2582, slightly above its three-month average of 1.2513, having traded within a 3.1% range. The CHF to EUR is also stable at 1.0824, which is just 0.9% higher than its average of 1.0727, and it has remained within a narrow range as well. Notably, the CHF to GBP has reached 90-day highs, trading near 0.9565, which is 2.3% above its average of 0.9344. The CHF to JPY shows a more pronounced gain, currently at 194.5, or 3.6% higher than its average of 187.7.
The combination of a steady path for the CHF and the uncertainty created by U.S. tariffs poses challenges for individuals and businesses engaged in international transactions. It underlines the importance of monitoring exchange rate movements closely, as slight fluctuations can impact costs significantly in the current economic climate.
