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The Swiss franc traded near 0.77 per USD, close to record highs, supported by persistent safe-haven demand and investor expectations that the Swiss National Bank (SNB) will maintain its current policy stance. Inflation remained at 0.1% in January 2026, unchanged from December and in line with forecasts. This outcome is consistent with the SNB’s first-quarter projections and reinforces market expectations that policy rates will be kept on hold. SNB President Martin Schlegel recently noted that inflation could briefly turn negative this year, but stressed that this is not a concern given the central bank’s focus on medium-term price stability.
