19.01.202610:43:54UTC+00Swiss Franc Firms

The Swiss franc appreciated by 0.5% to just below 0.80 against the USD, maintaining levels near the peaks last seen in 2011. This rise is attributed to the latest tariff threats issued by US President Donald Trump against Europe concerning Greenland, which has spurred demand for the safe-haven currency. Over the past weekend, President Trump declared plans to implement an additional 10% import tariff on products from eight European countries starting February 1. This measure is intended to persist until the US gains permission to purchase Greenland from Denmark. Key EU nations have reacted strongly to these threats, with France and others denouncing them as blackmail while contemplating unprecedented economic retaliatory actions. Concurrently, investors are keenly awaiting remarks from global central bankers at the World Economic Forum (WEF) in Davos, which commences on January 20. It is here that Swiss National Bank Chairman Martin Schlegel will deliver his speech. The Swiss National Bank (SNB) is anticipated to maintain its policy rate at 0% for the foreseeable future, as inflation is expected to incrementally rise alongside the ongoing economic recovery.