The Swiss franc edged up to trade slightly below 0.80 per USD, as the dollar weakened after recent strong US data curbed expectations for aggressive Fed rate cuts. Meanwhile, the Swiss National Bank left its policy rate unchanged at 0%, in line with expectations, pausing after six consecutive reductions that started in March 2024. Policymakers noted subdued domestic inflation and highlighted downside risks from slowing global growth and trade tensions, particularly from US tariffs on Swiss exports. Most economists believe the SNB has concluded its easing cycle, implying that rates will remain at zero at least through the end of next year. Consistent with this view, the SNB Chairman signaled continued reluctance to bring back negative interest rates. Meanwhile, the franc benefits from its safe-haven status as global economic uncertainty persists, driven by trade, geopolitical, and fiscal pressures.