The Swiss franc weakened slightly toward 0.80 per USD, pressured by some easing in geopolitical tensions in the Middle East following the Gaza ceasefire agreement, despite persistent concerns in Eastern Europe. Nevertheless, safe-haven demand remained supported by renewed trade uncertainty, political risks - including the prolonged US shutdown- and expectations of US rate cuts. Trade frictions between the US and China flared on October 10 after President Trump threatened a 100% tariff on Chinese goods and export controls on “critical” software, before signaling a more conciliatory stance two days later. Domestically, the outlook remains for the Swiss National Bank to maintain current interest rate levels for the foreseeable future. A Bloomberg survey showed that economists have largely abandoned forecasts of a return to negative rates this year, with SNB President Martin Schlegel emphasizing that reintroducing subzero policy would be difficult given its impact on the financial system.