The Swiss franc has soared to a decade high against the dollar as investors rush for shelter from the global trade turmoil, sparking bets that the country’s central bank will have to lower interest rates to zero or below to curb the currency’s rise.
The currency, historically a financial market haven because of the Alpine country’s political and economic stability, reached near-record strength against the dollar this week, with the greenback sinking close to SFr0.80 for the first time since the franc’s shock appreciation in 2015.
That has put policymakers in a bind, as they seek to restrain the currency to support the export-heavy economy without provoking a backlash from the US, which has already threatened Switzerland with high tariffs.
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