USD/CHF was trading lower on Monday, at around 0.8010 at the time of writing, down 0.25% on the day. The pair is under pressure from a weaker US dollar (USD) as investors increasingly price in additional monetary easing from the Federal Reserve (Fed). Recent US macroeconomic data and dovish comments from many policymakers have bolstered market expectations of a 25 basis point cut at next week’s policy meeting.
Investors are reacting to signs that the US economy is slowing, along with dovish signals from Federal Reserve officials. According to the CME FedWatch tool, markets are now pricing in a roughly 85% chance of a 25 basis point cut.
Additionally, speculation surrounding leadership changes at the Federal Reserve is adding pressure to the US dollar. Kevin Hassett, seen as a leading candidate to replace Chairman Jerome Powell, has long called for easier monetary policy, fueling expectations of lower interest rates in 2026. The US dollar index (DXY), which fell 0.3% to around 99.15, reflects this trend.
In Switzerland, the Swiss franc lacks momentum despite a weak US dollar, weighed down by a series of disappointing economic indicators. GDP in the third quarter contracted by 0.5% on a quarterly basis, worse than the expected decline of 0.4%. According to Commerzbank, this represents the first negative growth reading since early 2023, driven largely by the impact of US tariffs on Swiss exports. However, the bank notes that the initial agreement between Bern and Washington could lead to improved numbers in the coming months.
However, the weak GDP underscores a notable slowdown in the Swiss economy, reinforcing expectations that the Swiss National Bank (SNB) may keep interest rates at 0.00% until 2027, according to several analysts. The slight improvement in the headline KOF index, down to 101.7, does little to change the broader picture.
In this environment, even if the Swiss franc does not fully benefit from its safe-haven status, the US dollar correction continues to weigh on USD/CHF, consistent with increasingly accommodative monetary expectations in the US.
US dollar price today
The table below shows the percentage change in the US Dollar (USD) against the major currencies listed today. The US dollar was the strongest against the Canadian dollar.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | -0.41% | -0.20% | -0.94% | -0.11% | -0.23% | -0.20% | -0.36% | |
| euro | 0.41% | 0.20% | -0.49% | 0.30% | 0.18% | 0.20% | 0.04% | |
| GBP | 0.20% | -0.20% | -0.70% | 0.08% | -0.02% | -0.00% | -0.16% | |
| JPY | 0.94% | 0.49% | 0.70% | 0.79% | 0.67% | 0.70% | 0.53% | |
| Canadian | 0.11% | -0.30% | -0.08% | -0.79% | -0.12% | -0.09% | -0.26% | |
| Australian dollar | 0.23% | -0.18% | 0.02% | -0.67% | 0.12% | 0.02% | -0.13% | |
| New Zealand dollar | 0.20% | -0.20% | 0.00% | -0.70% | 0.09% | -0.02% | -0.16% | |
| Swiss franc | 0.36% | -0.04% | 0.16% | -0.53% | 0.26% | 0.13% | 0.16% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select USD from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
