The Swiss franc eased to around 0.80 per USD, though still near 2011-highs, as the dollar strengthened following robust US jobs data. The report eased concerns about the US economy and led investors to dial back expectations for Fed rate cuts, despite lingering trade uncertainty. In Switzerland, the latest inflation report cooled prospects of further SNB easing. Swiss CPI unexpectedly rose 0.1% in June, after May’s 0.1% decline, bringing inflation back within the SNB’s 0–2% target range. After cutting rates to zero in June to curb franc inflows, policymakers are likely to hold steady in September. Many analysts expect rates to remain at 0% through 2026, with inflation set to rise on food and wage pressures. Moreover, officials have recently warned against going below zero, citing risks to savers, banks, and pension funds.