The Swiss franc strengthened to around 0.79 per USD, its highest level since July 2011, as the dollar came under pressure from renewed concerns over US trade policy and growing fiscal jitters. US President Donald Trump said that his administration will begin sending letters to all its trading partners without a deal in place before 9 July, the end of a 90-day pause on Trump’s “reciprocal tariffs”. The franc also drew strength from receding bets on further SNB rate cuts, prompted by the latest upside surprise in inflation figures. Swiss CPI rose 0.1% year-on-year in June, rebounding from a 0.1% decline and defying expectations for another drop, bringing inflation back within the SNB’s 0-2% target range and signaling renewed stability. 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.