Safe harbour Swiss franc rises amid tariff uncertainty
United States tariff policy is causing uncertainty among investors, creating demand for safe haven assets such as the Swiss franc or the Japanese yen.
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The main concern is that the tariff levies announced by US President Donald Trump for April 2 will have a negative impact on economic growth and fuel inflation again. There is also a lack of clarity as to exactly which duties will be introduced. ‘The word I keep hearing is uncertainty,’ says one currency expert.
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The euro is thus slightly down against the franc today compared to Friday evening, trading at CHF0.9528. The dollar for its part is trading at CHF0.8790, slipping once again below the 88 cent mark.
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In addition to the franc, traders believe the yen is also increasingly sought after in the current environment. “The market mood was already quite fragile before the announcement of the US tariff impositions on Wednesday, but President Trump exacerbated it further when he told reporters that the duties would apply to all countries and not just a select few,” reads a commentary by a specialist.
The precariousness of the situation is also well illustrated by the price of gold, which this morning reached a new record high: the precious metal with immediate delivery (Gold spot) is trading at $3115.10 an ounce, up 0.97%, while gold with delivery in June (Comex) changes hands at $3146.20, up 1.02%.
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Translated from French by DeepL/mga
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