The Swiss franc eased to around 0.795 per USD but remained close to levels not seen since 2011, as traders reacted to renewed geopolitical tensions following the United States’ capture of Venezuelan President Nicolas Maduro in a weekend raid. Global economic uncertainty tied to Trump-era trade policies, along with expectations of further rate cuts, also supported safe-haven demand. Investors are now focused on the upcoming domestic inflation report due on January 8 for clues on SNB policy, with the CPI expected to decline 0.1% month-on-month and rise by just 0.1% year-on-year in December. The Swiss National Bank held rates at 0% in December amid ongoing deflationary pressures, and most analysts see no changes in 2026. Meanwhile, a fresh PMI survey showed Swiss manufacturing activity contracted more than expected, falling to a seven-month low in December.