Swiss Franc steadies against US Dollar as Fed decision looms
- USD/CHF retreats from multi-month highs as traders await the Federal Reserve interest rate decision.
- The Fed is expected to keep rates unchanged while maintaining a hawkish policy stance.
- The SNB’s zero-interest-rate policy keeps the Franc attractive for carry trades, limiting the scope for a sustained recovery.
The Swiss Franc (CHF) steadies against the US Dollar (USD) on Tuesday as the Greenback gives up its early gains, with traders turning cautious ahead of the Federal Reserve’s (Fed) monetary policy announcement on Wednesday. At the time of writing, USD/CHF trades flat around 0.8184, retreating from an intraday high of 0.8205, its highest level since June 2025.
The Greenback weakens as Oil prices extend their pullback following a pause in attacks between the United States and Iran. Lower energy prices ease inflation concerns and drag US Treasury yields lower.
US President Donald Trump said on Tuesday that it was a “good time for Iran to make a deal,” but warned that the US would “go back and finish the job” if no agreement was reached.
The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, trades around 101.35, easing from 101.64, its highest level in a month.
US economic data offered little support. The Conference Board’s Consumer Confidence Index fell to 90.8 in July from an upwardly revised 92.2 in June.
The US central bank is widely expected to leave the federal funds rate unchanged at 3.50%-3.75%, although the CME FedWatch Tool shows that markets price in around a 30% chance of a 25-basis-point rate hike.
US inflation is running well above the Fed’s 2% target. While the pullback in Oil prices eases some immediate inflation concerns, upside risks persist. Even if the Fed leaves rates unchanged, policymakers are expected to retain a hawkish stance, which could keep the US Dollar supported.
Meanwhile, the Swiss Franc has been among the worst-performing major currencies since the US-Iran war began. The Swiss National Bank's (SNB) zero-interest-rate policy makes the Franc attractive for carry trades, while broad-based US Dollar strength and the central bank’s readiness to counter excessive Franc appreciation add to the pressure.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.19% | -0.02% | 0.05% | -0.14% | 0.21% | -0.24% | -0.12% | |
| EUR | 0.19% | 0.17% | 0.24% | 0.04% | 0.40% | -0.03% | 0.08% | |
| GBP | 0.02% | -0.17% | 0.07% | -0.09% | 0.27% | -0.18% | -0.06% | |
| JPY | -0.05% | -0.24% | -0.07% | -0.18% | 0.17% | -0.27% | -0.13% | |
| CAD | 0.14% | -0.04% | 0.09% | 0.18% | 0.36% | -0.11% | 0.04% | |
| AUD | -0.21% | -0.40% | -0.27% | -0.17% | -0.36% | -0.42% | -0.31% | |
| NZD | 0.24% | 0.03% | 0.18% | 0.27% | 0.11% | 0.42% | 0.14% | |
| CHF | 0.12% | -0.08% | 0.06% | 0.13% | -0.04% | 0.31% | -0.14% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar 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).
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