The Swiss National Bank largely refrained from intervening in currency markets in the final three months of 2025 after committing to the US not to steer the franc for an economic advantage. The lack of SNB intervention reduces the prospect of franc suppression and may increase upside pressure/volatility in the franc, with implications for Swiss exporters and FX-sensitive positions.
The Swiss National Bank largely refrained from intervening in currency markets in the final three months of 2025 after committing to the US not to steer the franc for an economic advantage. The lack of SNB intervention reduces the prospect of franc suppression and may increase upside pressure/volatility in the franc, with implications for Swiss exporters and FX-sensitive positions.
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neutral
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