The Swiss voice in the world since 1935

Swiss franc strengthens to multi-year high

Money
The Swiss franc is soaring in value against the US dollar and euro. AFP

The Swiss franc has jumped to its highest level against the dollar since 2015, when Switzerland’s central bank abandoned its policy to contain currency strength.

The currency reached CHF0.8551 per dollar on Friday, its strongest level in almost nine years. Versus the euro, the franc rose as high as CHF0.94112.

+ What lies ahead for the Swiss economy?

The franc is outperforming all its G10 currency peers this year, bolstered by the view that the Swiss National Bank’s (SNB) preference for a stronger domestic currency will keep it afloat. 

Last week, the central bank said that it was still willing to continue intervening in currency markets, but added that foreign currency operations could go in both directions following a focus on selling since mid-2022 to minimise inflationary risks.

Swiss inflation has stayed within the central bank’s target range of between 0 and 2% since June, backing its decision to keep rates unchanged since its last hike at its quarterly meeting in June.

As the economy slows, markets are pricing for the SNB to begin cutting rates in March. 

©2023 Bloomberg L.P.

More

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles. You can find them here

If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.

External Content
Your subscription could not be saved. Please try again.
Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.
Daily news

Get the most important news from Switzerland in your inbox.

Daily

The SBC Privacy Policy provides additional information on how your data is processed.


Popular Stories

Most Discussed

News

The storm from the USA continues to sweep through the Swiss stock market

More

US storm continues to sweep through Swiss stock market

This content was published on The Swiss stock market continued to trade in the red mid-afternoon on Monday, following in the wake of the world's stock markets, which fell heavily as a result of the trade war launched by Donald Trump.

Read more: US storm continues to sweep through Swiss stock market
Swiss vote on e-ID likely

More

Swiss likely to vote on e-ID

This content was published on The referendum committee announced in Bern on Monday that it had collected more than 60,000 signatures against the e-ID project. The initials still need to be approved.

Read more: Swiss likely to vote on e-ID
Increase in offences committed by minors in Ticino

More

Crimes committed by minors increase in Ticino

This content was published on The number of offences committed by minors in canton Ticino, southern Switzerland, rose by over 20% in 2024 compared to the previous year.

Read more: Crimes committed by minors increase in Ticino

In compliance with the JTI standards

More: SWI swissinfo.ch certified by the Journalism Trust Initiative

You can find an overview of ongoing debates with our journalists here . Please join us!

If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR

SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR