EUR/CHF Holds Near 0.94 as Eurozone Growth Strengthens: Buying 5,000 EUR Costs 4'691.5 CHF

Euro Costs Rebound After the Recent Pullback

At 0.9383, buying 5,000 EUR costs 4'691.5 CHF, compared with 4'674 CHF at the previous 0.9348 rate.

The current cost is still 23 CHF lower than at 0.9429 on 17 August and 25.5 CHF below the recent 0.9434 high.

For workers tracking EUR/CHF, euro CHF, CHF to EUR, EUR to CHF or the current euro exchange rate, the latest movement therefore looks more like a rebound after a short correction than a return to the strongest CHF levels seen earlier this summer.

Eurozone Business Activity Reaches Its Fastest Pace This Year

Fresh economic data provided a positive signal for the euro area.

The flash Eurozone Composite PMI increased to 52.1 in August from 52.0 in July, reaching its highest level since November and beating expectations of 51.7. New orders rose at their fastest pace in 40 months, while export orders increased for the first time since early 2022.

Manufacturing was particularly strong, with the PMI rising to 52.8, its highest level in more than four years. Employment across the euro area also increased for the first time this year.

The figures suggest that the eurozone economy remains resilient and provide supportive economic background for the euro, although price pressures and the broader outlook remain uncertain.

Switzerland and China Expand Their Trade Deal

Switzerland also received an important economic update.

Switzerland and China completed negotiations on an expanded free trade agreement. Under the new terms, 99.8% of Swiss exports will be able to enter the Chinese market duty free, compared with roughly half under the existing agreement.

The agreement also covers services, digital trade, rules of origin and trade facilitation. China is Switzerland’s third-largest trading partner, making the deal particularly relevant for sectors such as pharmaceuticals, chemicals, precision instruments and watches.

This is not a direct short-term driver of EUR/CHF, but it provides positive longer-term context for Swiss exporters and the broader economy.

ECB Expectations Remain Hawkish

Markets continue to expect the ECB to raise its deposit rate to 2.50% in September, while investors have also started pricing a greater probability of additional tightening in 2027.

This remains important for EUR/CHF because the Swiss National Bank continues to hold its policy rate at 0%. Stronger eurozone business activity may reinforce the argument that the ECB can maintain a relatively restrictive stance without immediately damaging growth.

Rate Comparison Still Matters

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

ExchangeMarket.ch: 4'691.5 CHF

PostFinance: 4'737.5 CHF

BCV: 4'751 CHF

Migros Bank: 4'755 CHF

The difference ranges from 46 CHF compared with PostFinance to 63.5 CHF compared with Migros Bank.

Practical Takeaway

At 0.9383, buying 5,000 EUR costs 4'691.5 CHF. Euro costs have moved higher again after the recent pullback, although they remain below the peaks recorded in mid-August.

Stronger eurozone business activity gives the euro supportive economic background, while the expanded Switzerland-China trade agreement is a positive development for Swiss exporters. For CHF earners, the next EUR/CHF direction will depend mainly on incoming inflation data, expectations for the September ECB decision and whether the franc can recover further from its recent weakness.