The Swiss franc remained largely steady at around 0.79 per USD, close to 2011-highs after the Swiss National Bank left its policy rate unchanged at 0%, in line with expectations. The pause follows six consecutive reductions that started in March 2024, with subdued inflationary pressures and the prospect of slowing growth amid the US 39% tariffs weighing on the decision. The majority of economists believe the SNB has reached the end of its easing cycle, meaning that it will keep its rate at zero at least until the end of next year. Reflecting this, the SNB Chairman continued to signal reluctance to reintroduce negative interest rates. Meanwhile, the franc continues to benefit from its safe-haven status amid global economic uncertainty driven by trade and geopolitical tensions. Since the start of the year, it has appreciated over 12% against the dollar, ranking among the top-performing G-10 currencies this year.