The Swiss National Bank largely stayed away from the currency market in the third quarter. Previously, in the second quarter, the tariff policy provoked by US President Trump forced officials to sell the Swiss franc, but the central bank avoided intervention this quarter. According to data released on December 31, the SNB only bought 75 million Swiss francs worth of foreign exchange in the three months up to September. This level of intervention is basically the same as the bank's 15-month “market interaction hiatus” until March of this year. After Trump launched a tariff offensive this spring, the Swiss central bank invested about 5 billion Swiss francs into the market to mitigate the sharp rise in this safe-haven currency.

The Swiss National Bank largely stayed away from the currency market in the third quarter. Previously, in the second quarter, the tariff policy provoked by US President Trump forced officials to sell the Swiss franc, but the central bank avoided intervention this quarter. According to data released on December 31, the SNB only bought 75 million Swiss francs worth of foreign exchange in the three months up to September. This level of intervention is basically the same as the bank's 15-month “market interaction hiatus” until March of this year. After Trump launched a tariff offensive this spring, the Swiss central bank invested about 5 billion Swiss francs into the market to mitigate the sharp rise in this safe-haven currency.