The Swiss franc traded around 0.795 per USD, holding close to its strongest level since July 2011, benefiting from its safe-haven status amid ongoing trade uncertainties. The franc has strengthened nearly 13% against the dollar this year, defying efforts by the Swiss National Bank to curb its appreciation, largely driven by sharp policy swings under the Trump administration—particularly on trade, the economy, and national security. Additionally, fading expectations of further Swiss National Bank easing have added upward pressure, following a surprise rebound in inflation. June’s consumer price index rose 0.1% year-on-year, reversing a prior decline and placing inflation back within the SNB’s 0–2% target range, a sign of stabilizing domestic conditions. SNB officials are expected to keep the interest rate unchanged at 0% in September, with many analysts anticipating it will remain at that level through 2026.