Buy EUR at 0.9287: CHF Earners Get Slight Relief Before ECB Decision

Euro Costs Ease, but Remain High

At 0.9300, buying 5,000 EUR cost 4'650 CHF. At the latest rate of 0.9287, the same exchange costs 4'643.5 CHF.

The improvement is modest. Compared with the 0.9230 rate from 3 July, buying 5,000 EUR still costs 28.5 CHF more. It is also 39.5 CHF more expensive than at the early June reference rate of 0.9208.

For workers tracking EUR/CHF, euro CHF, CHF to EUR, EUR to CHF or the current euro exchange rate, the latest move represents a small correction rather than a return to the more favourable levels seen earlier this summer.

ECB Decision Becomes the Next Key Event

The European Central Bank will announce its next monetary policy decision on 23 July. Markets broadly expect the deposit rate to remain at 2.25% at this meeting, but expectations for a later increase have strengthened. A September rate hike is now fully priced in, while traders expect two additional increases by early 2027.

This remains important for EUR/CHF. If the ECB confirms that another rate increase is possible while the Swiss National Bank stays at 0%, the interest-rate difference may continue to support the euro against the franc.

The official ECB reference rate stood at 0.9236 CHF per euro on 20 July. The ECB notes that this rate is published for information and should not be treated as a transactional exchange rate.

Businesses Expect Slower Price and Wage Growth

A new ECB survey provides a more balanced signal for the eurozone economy.

Companies expect their selling prices to rise by 3.2% over the next year, down from 3.5% in the previous survey. Expected wage growth also declined from 2.8% to 2.5%. At the same time, firms reported tighter bank lending conditions and higher financing costs.

These results suggest that broader price and wage pressure may be moderating, even as energy costs continue to create inflation risks. This could support an ECB pause in July, while leaving the possibility of a later rate increase open.

Rate Comparison Still Matters

For a 5,000 EUR exchange, the rates shown on ExchangeMarket.ch give the following costs:

ExchangeMarket.ch: 4'643.5 CHF

PostFinance: 4'679 CHF

BCV: 4'700.5 CHF

BCGE: 4'701 CHF

Migros Bank: 4'702.5 CHF

The difference ranges from 35.5 CHF compared with PostFinance to 59 CHF compared with Migros Bank.

Practical Takeaway

At 0.9287, buying 5,000 EUR costs 4'643.5 CHF. This is slightly better than the previous week, but the exchange rate remains less favourable than at the beginning of July.

The next major signal will come from the ECB on 23 July. A decision to keep rates unchanged is widely expected, but guidance concerning September could determine whether EUR/CHF remains near its current level or moves higher again.