The Swiss franc traded around 0.81 per USD, near its lowest since October 9, as the US dollar held firm amid diminishing expectations of additional monetary easing by the Federal Reserve this year. Domestically, Swiss inflation slowed to 0.1% in October from 0.2% in September, while consumer prices fell 0.3% month-over-month, defying forecasts of a smaller 0.1% decline. The softer data challenges the Swiss National Bank’s (SNB) projection that inflation will pick up later this year and into 2026, with the central bank expecting an average rate of 0.4% this quarter. The SNB's target for annual inflation is between 0% and 2%. Weak price pressures have renewed speculation of a rate cut, possibly taking policy back below zero as early as next month. However, SNB policymakers remain cautious, wary of destabilizing the financial system, while the franc’s safe-haven strength continues to weigh on inflation by reducing import costs.