The CHF/SEK currency pair settled below recent high of 11.8649, its strongest level since August 28th, in the wake of the Swiss National Bank’s policy decision.
The Swiss National Bank left its policy rate without change at 0% at its September 25th meeting, in line with market consensus. This way, borrowing costs remained at their lowest level since August 2022.
Inflationary pressure has remained subdued, as inflation picked up to 0.2% in August from -0.1% in May, propelled mostly by tourism and imported goods.
The central bank now forecasts average inflation at 0.2% for 2025, at 0.5% for 2026 and at 0.7% for 2027.
In the meantime, Sweden’s trade deficit has widened to SEK 8.9 billion in August from SEK 6.3 billion in the same month of 2024.
Total exports shrank 5.1% year-on-year to SEK 144.0 billion, or the lowest level in over three and a half years.
On the global trade front, US President Donald Trump announced a new round of tariffs on imported drugs, trucks and furniture, which will take effect on October 1st.
The exotic Forex pair lost 0.39% for the week.
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