The Swiss franc strengthened to around 0.80 per USD, its highest since late October, on hopes for a trade deal between the US and Switzerland soon. According to Bloomberg, a trade deal between the US and Switzerland could be announced in the next two weeks, with US tariffs on Swiss exports likely reduced to 15% from the current 39%, following meetings between top Swiss executives and President Trump. The US President later confirmed his administration was “working on a deal to get their tariffs a little bit lower.” Meanwhile, the franc remains supported by recent comments from Swiss National Bank (SNB) Chairman Martin Schlegel, who ruled out a return to negative interest rates. Schlegel said inflation should “rise slightly in the coming quarters”, justifying keeping rates on hold for an extended period. At the same time, safe-haven demand persisted, albeit at lower levels, reflecting cautious sentiment despite the prospect of an imminent end to the US government shutdown.