The Swiss franc rebounded from one-month lows, rising nearly 1% to around 0.80 per USD, aided by a weaker dollar after a softer-than-expected jobs report boosted expectations of a Fed rate cut in September. The franc also drew strength from its safe-haven status following President Trump’s July 31 executive order imposing a 10% global minimum tariff, with rates rising to 15% or higher for countries running trade surpluses with the US. Switzerland was hit particularly hard, with a 39% tariff on its exports - one of the highest globally - set to take effect on August 7. The rate exceeds the 31% initially proposed in April and is expected to severely impact key export sectors such as luxury watches and pharmaceuticals. In this scenario, the Swiss National Bank, which cut interest rates to zero in June, may be forced to adopt an even more dovish stance. Its next policy meeting is scheduled for 25 September 2025.