The Swiss franc was little changed around 0.791 per USD, holding close to 2011-highs, buoyed by safe-haven flows following tariff threats from US President Donald Trump toward several European nations over the Greenland issue. European leaders’ readiness to retaliate has revived fears of a wider trade conflict. Meanwhile, market participants continued to assess the interest rate outlook. Swiss National Bank President Martin Schlegel, speaking on the sidelines of the World Economic Forum in Davos, said that negative inflation readings are possible this year but emphasized that they are not a concern, as the central bank’s focus is on medium-term inflation. The central bank has held its rate at zero for two meetings, indicating that the risks of cutting below this level remain substantial. Investors are pricing in neither a rate cut nor a hike for the remainder of the year.