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Investing.com -- The Swiss franc declined on Monday as worries about U.S. tariffs outweighed an unexpected rise in Swiss inflation data.
The Trump administration announced last week a 39% tariff on Switzerland, set to take effect on August 7. This represents an increase from the 31% levy that was announced in April.
According to Chris Turner at ING, if these tariffs remain in place, they will contribute to "disinflationary forces" in Switzerland. Turner noted that the franc could recover if a last-minute trade deal is reached.
The tariff news overshadowed Monday’s inflation data, which showed Swiss annual inflation increased to 0.2% in July. Economists surveyed by The Wall Street Journal had expected inflation to remain at 0.1%.
Currency market data from LSEG showed the euro rising to a one-week high of 0.9348 francs amid these developments.
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