News

Swiss CPI Surprise Dip Keeps SNB On Hold; FX Focus on EUR/CHF and USD/CHF

November 03, 2025

FX angle: what it means for CHF

Initial price action leaned against the franc, with USD/CHF nudging above the 0.8050 area after the release, while EUR/CHF drew modest support as soft Swiss data revived rate-cut chatter at the margin. Day-to-day moves remain sensitive to global risk and ECB–SNB rate expectations more than to one CPI print.

What to watch: upcoming SNB communication, November-December CPI to see if travel-related volatility reverses, and euro-area data that could sway EUR/CHF outside recent ranges.

SNB Minutes Signal Steady 0 Percent Policy Rate; Inflation Seen Within Target, Tariff Risks Watched Dollar Set For Weekly Loss As Data Fog Looms; Swiss Franc Holds Near Highs

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