FX.co ★ Swiss Franc at Over 2-Month Low

The Swiss franc weakened toward 0.794 per USD, its lowest level since January 21, as investors increasingly turned to the US dollar as a safe haven amid ongoing geopolitical tensions. Market sentiment deteriorated on mounting doubts about a near-term ceasefire in the Iran conflict, with President Trump refusing to commit to an agreement and Tehran showing few signs of compromise. Conflict-related disruptions have driven energy prices higher, intensifying inflation concerns and clouding the outlook for global growth. At the same time, Swiss National Bank Chair Martin Schlegel and SNB board member Petra Tschudin reiterated the central bank’s greater readiness to intervene in foreign exchange markets to limit franc appreciation. On March 19, the SNB kept its benchmark interest rate at 0% for a third consecutive meeting, in line with expectations, and it is widely expected to maintain this stance for the remainder of the year.