The Swiss franc strengthened to around 0.8 per USD, holding close to 2011-highs, supported by safe-haven demand amid geopolitical tensions and concerns over US central bank independence. Trump warned Iran against using force on protesters, while Iranian officials cautioned against US or Israeli intervention. The UK and Germany are considering a stronger military presence in Greenland, with Germany proposing a joint NATO mission amid Trump’s renewed US claims. Moreover, tensions flared between the US administration and the Federal Reserve after the White House threatened to indict Jerome Powell over his congressional remarks on Fed building cost overruns. Powell, in an unprecedented response, called the move a “pretext” to exert greater control over monetary policy. Domestically, the latest inflation report reinforced expectations that the SNB will likely keep rates at 0% in the coming meetings, with inflation seen gradually rising alongside the economic recovery.