CHF/USD exchange rate

During the night between February 28 and March 1, 2026, the United States and Israel launched military operations against Iran — an offensive codenamed “Roar of the Lion” — targeting nuclear facilities, Revolutionary Guard installations, and senior regime figures. The shock to financial markets was immediate and severe. Brent crude oil rose from approximately $72–73 per barrel at the close on February 28 to around $80 by March 2, before reaching peaks of nearly $120 on March 3 and March 31, eventually stabilizing near $90 by mid-April.

For currency markets, the event produced an unusual dynamic. From the market opening in the first week of March, risk-off sentiment drove investors toward gold, the Swiss franc, the U.S. dollar, and government bonds as primary safe-haven assets. However, in a conflict in which the United States was a direct military participant, the dollar also benefited from flows linked to America’s geopolitical influence — a factor that partially offset outflows driven by fiscal and political uncertainty.

The Swiss franc, thanks to its long-standing neutrality, ultimately outperformed. The CHF/USD exchange rate reached a period high of around 1.2881 on March 6, before the dollar rebounded from that critical level, pushing the pair back toward 1.24 in the following weeks as key technical resistance levels were broken to the upside.

By mid-April 2026, growing optimism surrounding a lasting ceasefire between the United States and Iran gradually reduced demand for safe-haven assets, easing fears of a prolonged energy and inflation shock. The CHF/USD exchange rate stabilized around 1.28: the Swiss franc remained at historically strong levels, but the dollar regained momentum as the military outlook became clearer and markets increasingly priced in a potential resolution to the conflict.

The week between February 22 and 27, 2026 entered the history books as one of the most eventful geopolitical periods of recent years. The U.S. Supreme Court declared the tariffs imposed under the IEEPA unconstitutional, the conflict in the Middle East escalated further, and the U.S.-China trade war intensified once again, with both sides imposing tariffs of up to 100% on each other’s goods.

For the U.S. dollar, the Supreme Court ruling came as a major shock at an already fragile moment. The sudden dismantling of the entire tariff framework built by the administration throughout 2025 created an unprecedented regulatory vacuum. What legal tools would replace the tariffs? How quickly could new measures be implemented? Uncertainty — the dollar’s greatest enemy — once again dominated trading floors.

At the same time, the crisis in the Middle East pushed oil prices higher, fueling concerns about a resurgence of U.S. inflation that could further complicate the Federal Reserve’s policy mandate.

The Swiss franc, long regarded as a currency of neutrality and stability, absorbed capital flows fleeing from U.S. assets. In foreign exchange markets, the U.S. dollar was already under significant downward pressure, and downside risks continued to dominate sentiment. The CHF/USD exchange rate climbed above 1.28, extending the Swiss franc’s upward trend that had begun at the end of the previous year.

The week of January 27–28, 2026 marked a historic milestone for the CHF/USD currency pair. The Swiss franc surged to 1.3125 U.S. dollars — its highest value in more than a decade — while the dollar was hit by a perfect storm of adverse factors converging within just a few days.

The CHF benefited from a growing loss of confidence in U.S. policymaking, fueled by uncertainty surrounding trade policy and repeated attacks by the Trump administration on the independence of the Federal Reserve, which raised concerns about future inflationary risks. When a central bank is perceived as politically vulnerable, investors tend to move away from its currency — and that is precisely what happened to the U.S. dollar during this period.

Adding to these political pressures was the debate surrounding the “Big Beautiful Bill”, the Trump administration’s flagship fiscal package, which analysts warned could further worsen a federal deficit already exceeding $2 trillion annually. Concerns over the U.S. fiscal outlook, amplified by ongoing discussions in Congress, heightened fears about the trajectory of government borrowing and public finances.

For the Swiss franc — backed by one of the strongest sovereign credit profiles in the world and a central bank widely regarded as independent from political influence — the environment created exceptional demand. Investors increasingly viewed the CHF as a safe harbor amid mounting doubts about the stability of U.S. economic and institutional policy.

Late-November U.S. economic data — including consumer confidence falling to a seven-month low and retail sales figures coming in below expectations — strengthened market expectations of a new rate cut by the Federal Reserve in December. On December 10, 2025, the Fed delivered, implementing another 25-basis-point reduction and bringing interest rates down to 3.75%. The only dissenting vote within the FOMC came from Stephen Miran, the member appointed by the Trump administration, who advocated for a more aggressive 50-basis-point cut.

The diverging monetary policy paths of the Fed — which remained inclined toward further easing — and the SNB — already at 0% with very limited room for additional action — continued to exert downward pressure on the U.S. dollar against the Swiss franc. The USD/CHF exchange rate slipped toward 0.80 during December, while the CHF/USD pair climbed back toward 1.27.

The Swiss franc confirmed its status as the second-best-performing G10 currency in 2025, appreciating by approximately 14% against the U.S. dollar over the course of the year, while remaining relatively stable against the euro. The performance encapsulated the CHF’s exceptional position as a global safe-haven currency in a year dominated by geopolitical uncertainty and persistent weakness in the U.S. economy.

During the week of November 21, 2025, the U.S. dollar posted broad gains across the G10 currencies as expectations for additional Federal Reserve rate cuts began to fade. The reasoning was straightforward: several U.S. macroeconomic indicators — particularly employment data — showed unexpected resilience, reducing pressure on the Fed to pursue further monetary easing.

Markets, which had previously priced in an aggressive rate-cutting cycle for 2025, were forced to reassess those expectations.

Against this backdrop of renewed dollar strength, the Swiss franc lost some of its relative momentum, and the CHF/USD pair reached its lowest level of the autumn period at 1.2335 on November 4, 2025 — its weakest point in six months. This was not a structural decline, but rather a technical correction reflecting investor repositioning after months of broad U.S. dollar weakness.

The episode highlighted a recurring market dynamic: the Swiss franc tends to strengthen during periods of fear and uncertainty, but often weakens when investors regain confidence in U.S. economic fundamentals. With geopolitical tensions temporarily easing and the U.S. economy proving more resilient than expected, the Swiss franc ceded the spotlight to the greenback.

On September 18, 2025, the Federal Reserve cut the federal funds rate by 25 basis points, bringing it to a range of 4.00%–4.25%. It was the first rate cut of the year and had been widely anticipated by markets as a response to a gradually weakening labor market. Fed Chair Jerome Powell described the move as a “risk management” adjustment, as unemployment had risen to 4.2% and downward revisions revealed that more than 900,000 jobs had effectively disappeared from employment figures over the previous twelve months.

For the CHF/USD currency pair, the impact was immediate and directional. When a central bank cuts interest rates, it reduces the yield available on assets denominated in its currency, making them less attractive to international investors. As a result, the U.S. dollar weakened across the foreign exchange market, while the Swiss franc — already supported by its safe-haven status and an SNB policy rate of 0% — benefited structurally from the shift. The CHF/USD exchange rate reached 1.2723 on September 16, during the period when markets were most aggressively pricing in the expected Fed cut, marking the highest level of the entire year.

The divergence in monetary policy between the Fed and the SNB — with Switzerland maintaining rates at the lowest possible level while retaining the world’s premier safe-haven currency — continued to support the Swiss franc, reinforcing an appreciation trend that had already been in place for several months.

In August 2025, the CHF/USD exchange rate showed significant volatility driven primarily by an uncertain global geopolitical environment, with international trade tensions and mixed economic data from both the United States and Switzerland. The Swiss National Bank (SNB), meanwhile, maintained a cautious monetary policy, cutting its benchmark interest rate to zero in June 2025 following a series of previous cuts, and signalling its intention to avoid negative rates in order to limit unwanted side effects.
Inflation in Switzerland fell slightly below zero in May 2025 (-0.1%), which contributed to the maintenance of low rates, while the United States showed mixed economic data that created uncertainty over future dollar scenarios. This combination of factors fuelled significant fluctuations in the CHF/USD exchange rate, with the franc reaffirming its role as a safe-haven currency in a market characterised by geopolitical tensions and economic pressures.

On July 1, 2025, the CHF/USD exchange rate reached a high of approximately 1.2639 dollars per Swiss franc, marking a summer peak amid a turbulent geopolitical environment. International tensions, including regional conflicts and trade uncertainties, prompted investors to favour currencies considered safer, such as the Swiss franc, at the expense of the US dollar.

This peak reflects a phase in which the franc consolidated its position as a safe-haven currency, favoured by political stability and the prudent management of the Swiss National Bank, which managed to maintain an accommodative monetary policy while avoiding excessive volatility. The strength of the franc against the dollar during this phase also mirrors market concerns about the US economy, influenced by uncertain macroeconomic data and a more cautious Federal Reserve.

In summary, the CHF/USD high of July 1, 2025 is a direct expression of the geopolitical and macroeconomic dynamics of the summer, with the franc confirming its role as a safe port in a period of global instability.

On January 30, 2025, the European Central Bank cut its reference rates to 2.75%, amid slowing European growth and stable but volatile inflation. This decision, aimed at stimulating consumption and investment, weakened the euro on international markets, with knock-on effects on all major currencies.

In particular, the Swiss franc strengthened against the US dollar. The Swiss currency is traditionally considered a safe haven, and the difference between the ECB’s accommodative monetary policy and the more cautious stance of the Swiss National Bank prompted investors to favour the CHF. As a result, the CHF/USD exchange rate showed significant appreciation, reflecting both Switzerland’s relative strength and the temporary weakness of the euro and markets more closely tied to it.

This dynamic has immediate implications for financial operators and international businesses: imports into the US become more expensive for those using francs, while exports and dollar-denominated investments are affected by the higher value of the CHF. The situation once again highlights how decisions by major European central banks can influence global safe-haven currencies and capital flows on an international scale.

On January 20, 2025, Donald Trump returned to the White House as the 47th President of the United States, marking a historic moment in American politics. Having already served from 2017 to 2021, Trump secured another victory in the November 2024 presidential election against Kamala Harris.

Immediately upon taking office, Trump implemented a series of strategic moves that drew significant attention. Among his first actions were initiatives to lower energy costs and fight inflation, two critical economic challenges for the U.S. He also revived a protectionist trade policy by imposing new tariffs on Canada and Mexico.
Domestically, his decision to commute sentences related to the attacks on Congress sparked extensive debate.

On the international stage, Trump forcefully reinstated his “America First” agenda, signaling a marked shift from the previous administration. Key actions included withdrawing from the World Health Organization (WHO) and overhauling foreign aid to focus resources on national priorities.

This new Trump term is having a profound impact both geopolitically and economically. Tensions with China and Europe have risen sharply, feeding a global climate of economic uncertainty and political instability.

Financial markets have reacted with volatility, mirroring investor concerns over the implications of his trade and economic policies. This new phase of Trump’s presidency constitutes a turning point in global power balances: it underscores the central role he plays in international politics and global economic dynamics.

In short, Trump’s second term presents a complex challenge for both the U.S. and the international community; his measures are already significantly influencing financial markets and global diplomatic relations.

The year 2024 proved highly volatile for global financial markets. While the equity sector showed notable resilience, achieving significant gains in both Europe and the U.S., several bouts of uncertainty arose during the summer. These were fueled by geopolitical factors such as the U.S. presidential election and Middle Eastern tensions, which affected investor confidence.

In the bond market, unprecedented volatility initially surfaced, tied to rising interest rates and rekindled inflation. However, conditions reversed in mid-summer as inflation began to slow and macroeconomic data turned less supportive of global economic growth.
This scenario led to a surge in liquidity in the bond market, resulting in a rally for that sector.

Globally, financial indices produced mixed results. The MSCI World Index recorded a notable decline during the summer months, while certain regional markets displayed greater stability than in previous years. For instance, the European market experienced lower volatility compared to 2023.

All in all, 2024 proved contradictory for financial markets: stockholders enjoyed generally positive performance, whereas bond investors faced challenging periods, largely driven by uncertain geopolitical and economic conditions.

In 2024, the global geopolitical landscape was shaped by a series of events with a major impact on the world economy. The Russia-Ukraine conflict dragged on, resulting in a stalemate and fueling international uncertainty. This war heavily affected energy markets and global supply chains, influencing overall economic stability.

Meanwhile, the tension between Hamas and Israel in the Middle East raised concerns over regional security. Another critical factor was the intensifying strategic competition between the U.S. and China, which deeply influenced global trade relations.

The U.S. presidential election was seen as a watershed moment for global geopolitical dynamics, while the expansion of the BRICS group, with new members, heightened its economic-political influence and contributed to the fragmentation of the traditional world order.

In this environment, geopolitical uncertainty remained high, impacting financial markets worldwide. According to the European Central Bank (ECB), these tensions curbed economic growth in the Eurozone during 2024.

In 2023, inflation became a central concern for central banks around the globe. This surge in prices stemmed from various factors: the post-pandemic economic recovery, higher commodity costs, and geopolitical tensions—most notably the Russia-Ukraine war. To address these challenges, the European Central Bank (ECB) adopted an assertive approach, raising its reference rate ten consecutive times up to September 2023, reaching a historic high of 4.50%.

The aim was to reduce aggregate demand and rein in uncontrolled price growth in the euro area. However, beginning in October 2023, the ECB decided to halt its rate-hike streak, leaving rates unchanged at the December meeting. This decision reflected the forecast of a slowdown in inflation in 2024 and 2025, with a return toward the 2% target.

These rate increases had significant repercussions for the European economy, driving up borrowing costs for households and businesses and heightening financial market volatility, potentially affecting exchange rates.
In brief, 2023 was a challenging year for central banks, compelled to deploy strong measures to stabilize the economy under a cloud of global uncertainty.

The conflict between Russia and Ukraine is deep-rooted in history, becoming visible in 2014 but reaching a critical tipping point on February 24, 2022. It all began with Russia’s occupation of Crimea in February 2014, culminating in the peninsula’s annexation. This move inaugurated a period of rising tensions between the two countries, with ongoing clashes between Ukrainian forces and pro-Russian separatists in the eastern Donbas regions of Donetsk and Luhansk.

The situation escalated further in February 2022, when Russia officially recognized the separatist republics in the Donbas and sent troops to the area. The subsequent large-scale invasion of Ukraine on February 24 marked a point of no return: air and missile strikes targeted strategic sites throughout the country, including the capital, Kyiv.

The consequences have been devastating: roughly 18% of Ukrainian territory is now under Russian occupation, and millions of Ukrainians have been forced to abandon their homes, with over six million seeking refuge abroad. The international community responded with strict economic sanctions against Russia, while NATO increased its military presence in Europe to safeguard its members.

The conflict has substantially affected global energy markets, causing commodity prices to spike and exacerbating currency market volatility. This geopolitical crisis not only highlights regional vulnerabilities but also raises questions about Europe’s security future and the global order. The Russia-Ukraine conflict remains a complex challenge, evolving continuously with deep repercussions both locally and globally.

The COVID-19 pandemic was an unprecedented event in global health history, caused by the SARS-CoV-2 virus first identified in Wuhan, China. This crisis exposed the fragilities of healthcare systems and globalized economies alike.

The economic fallout was severe: prolonged business shutdowns ignited a global recession of a scale unseen in recent memory. Entire supply chains were disrupted, millions of people lost their jobs, and financial markets experienced extreme volatility, prompting investors to seek safe-haven assets like gold.

The virus spread rapidly worldwide, with Italy becoming one of Europe’s hotspots after identifying a significant outbreak in Codogno, Lombardy, in February 2020. On March 11, the WHO officially declared a global pandemic.

The global response included drastic measures such as widespread lockdowns and mobility restrictions to contain the virus. Although the first known case dates back to November 17, 2019, it was not made public until January 13.
On January 10, 2020, the virus’s genetic sequence was shared globally, enabling experts to develop potential vaccines and treatments. However, the virus’s swift spread led the WHO to declare a Public Health Emergency of international concern as early as January 30, 2020.

Not until May 2023, after years of crisis management—facilitated by rapid vaccine development and large-scale immunization drives—did the WHO officially declare the end of the global pandemic emergency. Nevertheless, the pandemic has left profound lessons for health policy and collective awareness regarding preparedness for future global crises.

The economic impact was immediate and substantial: supply chains were disrupted, consumer costs went up, and market confidence took a hit. The dispute extended into strategic sectors like technology, with U.S. restrictions placed on major Chinese firms such as Huawei.

China swiftly retaliated by imposing tariffs on various American products, including soybeans—one of the primary U.S. exports to China. From that point on, tensions escalated, with reciprocal measures from both sides.

This escalation not only brought to light deep economic and political differences between the two nations but also redefined the landscape of international trade, raising pressing questions about the future of global economic relations.

The year 2017 was a pivotal one for the cryptocurrency market, featuring an unprecedented surge. Bitcoin reached staggering heights, while the total market capitalization soared above $1 trillion.

This trend was powered by a speculative frenzy involving investors worldwide, especially in Japan and South Korea. The promise of high returns and the growing visibility of cryptocurrencies as innovative assets attracted many small-scale investors. Yet the euphoria was short-lived.

In 2018, a sharp correction occurred, with prices plunging dramatically and revealing the sector’s inherent vulnerability to rapid fluctuations. Nevertheless, the market showed resilience: between 2020 and 2021, prices surged once again, regaining widespread attention from the media and investors.

Even so, the 2017 boom remains a defining chapter in cryptocurrency history, characterized by swift changes and the industry’s ability to rebound to new highs in subsequent periods.

The June 23, 2016 Brexit referendum was a decisive moment in British history, involving a high voter turnout of 72.2%. A majority opted to leave the European Union, though the margin between Leave and Remain supporters was slim.

The United Kingdom’s political geography was plainly revealed: England and Wales favored exiting the EU, while Scotland and Northern Ireland showed a clear inclination to remain.

The political consequences were swift and deep. Prime Minister David Cameron announced his resignation soon after the vote, triggering a political crisis that led to exit negotiations with the EU in March 2017, via Article 50 of the Lisbon Treaty.

The economic impact was also significant: the British pound experienced a steep devaluation against major currencies, including the euro, sparking concerns about both domestic and global economic stability.

In summary, this event represents a major turning point in modern British history, profoundly affecting the country’s relationship with the European Union.

In 2015, China’s stock markets—Shanghai and Shenzhen—faced a critical downturn, triggered by an economic slowdown coupled with a speculative bubble in equities.

From June 2014 to June 2015, stock prices skyrocketed by 150% despite no corresponding improvement in corporate profitability, leading to excessive speculation that eventually turned into a financial disaster.

The crash began in June 2015 and hit its low on August 26, when the CSI 300 Index lost about 45% of its value. The Chinese authorities intervened by banning major shareholders from selling and having state funds purchase stocks, but these efforts yielded limited results.

The crisis also affected the national currency, as the yuan (renminbi) was devalued in August, intensifying turbulence in global financial markets. However, China’s financial system, though volatile internally, remains relatively shielded from international markets, limiting the global fallout.

On January 15, 2015, the Swiss National Bank (SNB) made a surprising decision by scrapping the 1.20 CHF per euro exchange-rate cap, in place since September 2011.

This threshold had been introduced to protect the Swiss economy from excessive franc appreciation, but maintaining it was increasingly difficult. Divergent monetary policies between the EU and the U.S. had led to a weaker euro, making it costly to uphold the cap.

The abrupt removal of the rate floor prompted a sharp rise in the Swiss franc: in mere minutes, EUR/CHF plummeted 40%, hovering around 0.80 CHF per euro.

This development had major ramifications for global financial markets: investors who bet on the cap’s continuity incurred substantial losses.

At the same time, the SNB also further reduced negative interest rates on bank deposits, bringing them to -0.75% to lessen the franc’s appeal and cushion its appreciation’s effects.

Europe’s sovereign debt crisis of 2011 was a critical milestone in recent financial history, hitting PIIGS countries (Portugal, Ireland, Italy, Greece, and Spain) especially hard due to high levels of public debt.

European banks, heavily exposed to these nations’ government bonds, suffered significant losses. In 2011, the predicament worsened when Italian and Spanish bond yields shot up. In October of that year, Eurozone leaders unveiled a plan to cut Greek debt by 50% and increase the European Financial Stability Facility (EFSF) to about €1 trillion. While these measures stabilized the Eurozone to some extent, affected countries had to implement draconian austerity measures to contain deficits.

The crisis cast doubt on the Eurozone’s stability and boosted volatility in global financial markets. Due to geographical and economic proximity, Switzerland felt an indirect impact: the Swiss franc, perceived as a safe haven, appreciated significantly. In August 2011, EUR/CHF nearly reached parity, forcing the SNB to intervene on September 6, 2011, by setting a 1.20 CHF per euro floor to contain the franc’s rise and shield the Swiss economy.

The SNB maintained this floor until January 15, 2015, when it decided to discontinue it following the ECB’s launch of quantitative easing.

On May 6, 2010, the U.S. stock markets experienced an unexpected event known as the “flash crash.” Within minutes, the Dow Jones Industrial Average (DJIA) lost over 1,000 points before recovering most of the losses by the close.

Multiple factors contributed to this incident. A key element was the use of high-frequency trading algorithms, which magnified a massive sell order for E-mini S&P 500 futures. Executed by Waddell & Reed Financial, this transaction sparked a chain reaction that accelerated the price drop.

Another important factor was the role of Navinder Singh Sarao, an independent trader who used algorithms to generate further sell orders, adding to the downward pressure.

The 2010 flash crash raised serious questions about the stability of financial markets and prompted a review of existing regulations to prevent similar future episodes.

The 2008 global financial crisis was a devastating event that shook the world economy. Originating in the United States, it rapidly spread worldwide. Its root causes can be summarized in three key points:

1. Housing market instability: U.S. home prices soared to unsustainable levels, causing subprime mortgages extended to borrowers with weak credit to fail, leading to massive bank losses.
2. Financial complexity: Financial institutions packaged these loans into derivatives like CDOs and CMOs, selling them globally and disseminating risk throughout the financial system.
3. Bank failures: The tipping point came when Lehman Brothers declared bankruptcy in September 2008, triggering a global confidence crisis.

The aftermath was a deep recession, marked by economic contraction, waning consumer spending, and rising unemployment. In response, governments and central banks enacted drastic measures, including interest-rate cuts and liquidity injections, to prop up the economy.

During such turmoil, “safe-haven” currencies like the Swiss franc attract increased investor interest.

The 2003 U.S.-led invasion of Iraq significantly affected the global economy. Initially, investors anticipated a quick resolution to the conflict, triggering a brief wave of optimism. However, once it became clear that the war would be longer and more complex, financial markets reacted negatively.

European and American stock markets suffered substantial drops amid geopolitical uncertainty. Oil prices climbed rapidly, fueled by fears surrounding the Middle East’s energy supply stability. Investors flocked to safe-haven assets like gold and bonds.

The dollar’s weakness against the euro and the Swiss franc magnified market volatility. Rising U.S. military expenditures, coupled with overall geopolitical ambiguity, contributed to global economic pessimism. The Iraq War had long-lasting effects on the global economy, influencing commodity prices and dampening investor sentiment for years to come.

The WorldCom scandal ranks among the most prominent accounting fraud cases in U.S. corporate history. This telecommunications giant stood accused of manipulating its financial statements to hide liabilities and present artificially inflated earnings.

One key method involved recording operating expenses as capital investments, falsely boosting profits by over $11 billion.

In June 2002, a SEC investigation exposed this fraud, causing WorldCom’s stock to plummet and erasing more than $180 billion in market capitalization. Facing financial meltdown, the company declared bankruptcy and began restructuring.

Legally, the fallout was severe: CEO Bernard Ebbers was found guilty of fraud and sentenced to 25 years in prison.

The scandal also had legislative consequences, prompting the passage of the Sarbanes-Oxley Act to increase transparency and accountability in corporate accounting. The WorldCom case reinforced investor caution and undermined confidence in financial markets

The Enron scandal is one of the most renowned instances of accounting and financial fraud, involving Enron Corporation, an energy-sector powerhouse. The company orchestrated complex accounting schemes to hide debt and claim fictitious profits, aided by auditing firm Arthur Andersen.

The affair came to light in October 2001, when the SEC launched an investigation into Enron’s finances. Within weeks, Enron’s share value collapsed, and on December 2, the company filed for bankruptcy.

The impact was disastrous: Arthur Andersen, embroiled in the scandal, folded, while numerous Enron executives faced legal charges. In 2002, the Sarbanes-Oxley Act was introduced to tighten oversight of corporate transparency and accountability.

Though Enron’s collapse did not directly affect the USD/CHF exchange rate, it shook investor confidence and fostered a more cautious stance in global financial markets.

September 11, 2001, remains one of the most tragic dates in U.S. history, marking an unprecedented terrorist attack. On that day, 19 al-Qaeda operatives hijacked four commercial planes targeting symbolic and strategic sites. Two aircraft hit New York’s Twin Towers, causing them to collapse within hours, while another struck the Pentagon. The fourth plane—believed to be headed for the White House or the Capitol—crashed in a Pennsylvania field after passengers bravely attempted to regain control.

These attacks claimed 2,977 lives and injured over 6,000, dramatically altering security policies and reshaping global geopolitical balances. The United States responded with its so-called “War on Terror,” encompassing military actions in Afghanistan and later Iraq.

Regarding currency markets, the 9/11 attacks had no immediate effect on CHF/USD rates; however, in the following days, market uncertainty prompted many investors to seek safe-haven currencies such as the Swiss franc, boosting its value between September 12 and 21, 2001.

The dot-com boom was a speculative wave focused on U.S. internet-based tech companies from 1997 to 2000. The peak occurred on March 10, 2000, when the Nasdaq surged to 5,048.62 points. However, starting March 11, the market entered a steep decline.

As firms released their financials, it became evident that many could not generate profits nor had concrete plans to do so. This realization led to a massive sell-off, a sharp drop in share prices, and the ultimate bursting of the bubble.

On the currency front, the dot-com crash did not immediately and significantly alter the CHF/USD exchange rate. Yet, given the Swiss franc’s safe-haven reputation, it may have drawn increased investor attention during this period of economic turbulence.

The euro was introduced in stages beginning January 1, 1999, when eleven European Union countries adopted the single currency for financial transactions and accounting, though no physical banknotes or coins were yet issued. Greece joined on January 1, 2001, bringing the total to twelve. It was only on January 1, 2002, that the euro became a tangible currency, circulating officially in participating nations.

In subsequent decades, the eurozone progressively expanded to include countries such as Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia, Lithuania, and most recently Croatia in 2023. By 2022, nineteen EU member states used the single currency.

From 1999 to 2002, the euro had a notable impact on European financial markets, without causing major swings in the CHF/EUR exchange rate or requiring direct interventions by the Swiss National Bank (SNB). During this period, the CHF/USD pair remained relatively stable, with no major monetary policy adjustments.

The failed 1991 Soviet coup was an attempted power grab by certain members of the Soviet government aiming to depose President Mikhail Gorbachev and seize control of the USSR, from August 19 to August 22, 1991.

Key drivers included opposition to Gorbachev’s political and economic reforms, perestroika (restructuring) and glasnost (openness). The State Committee on the State of Emergency (GKChP), composed of eight high-ranking Soviet officials, took advantage of Gorbachev’s isolation at his Crimean dacha. However, crucial military units refused to support the putschists. Boris Yeltsin, then President of Russia, led the resistance from the Russian parliament (the White House).

The coup’s failure accelerated the USSR’s breakup, resulting in:

• Yeltsin’s strengthened political position, as he banned the Soviet Communist Party (CPSU).
• Republics declaring independence.
• The formal end of the USSR with the Belavezha Accords on December 8, 1991, and its official dissolution on December 26, 1991.

Though it did not achieve its immediate aim, the coup marked the beginning of the end for the Soviet Union, speeding an irreversible process that led to its dissolution by year’s end.

The First Gulf War pitted Iraq against an international coalition led by the United States from August 2, 1990, to February 28, 1991.

Primary causes included Iraq’s invasion of Kuwait on August 2, 1990, driven by Saddam Hussein’s desire to control Kuwait’s oil resources and claim territory he considered historically Iraqi. Saddled with debt after the protracted Iran-Iraq War (1980–1988), Saddam also accused Kuwait of overproducing oil, thus lowering world prices and further damaging Iraq’s economy.

After the UN ultimatum demanding Iraqi withdrawal before January 15, 1991, the coalition launched Operation Desert Storm on the night of January 16–17, followed by a ground offensive starting February 23. Superior coalition technology led to the swift liberation of Kuwait.

Economically, the war had considerable repercussions:

• Oil instability: the invasion sparked a rise in oil prices as supply security in the Gulf region was put at risk.
• High military costs: the United States and allies spent heavily on the operation, affecting national budgets.

The cease-fire was officially declared by President George H. W. Bush on February 28, 1991, ending hostilities.

The fall of the Berlin Wall on November 9, 1989, was a landmark event, symbolizing the end of the Cold War and the start of German reunification. This watershed moment substantially impacted global currency markets.

Political and economic turmoil in East Germany sparked large-scale protests calling for reform. Hungary had already opened its border with Austria, enabling East Germans to flee westward. Eventually, the East German government announced that citizens could leave the country without special permits, causing a massive influx at border checkpoints and prompting guards to lift the barriers.

The wall’s fall accelerated European integration, contributing to the creation of the European Union as we know it today.

This development bolstered economic stability in Central and Eastern Europe, boosting financial flows between Western and Eastern Europe and encouraging international investment. Less geopolitical uncertainty improved the global investment climate.

Signed on September 22, 1985, at New York’s Plaza Hotel, the Plaza Accord was a historic agreement among the finance ministers and central bankers of the G5 (United States, Japan, Germany, the UK, and France) plus Canada. Its main objective was to curb the surging U.S. dollar, which had reached record highs in the early 1980s.

Reasons behind the accord:

• Excessive dollar appreciation: Between 1980 and 1985, the dollar soared against currencies such as the Japanese yen, German mark, and British pound, weakening U.S. export competitiveness.
• Economic pressures: American industry, including the automotive and high-tech sectors, was particularly hard-hit by the dollar’s strength.

Effects of the accord:

• Coordinated interventions depressed the dollar, causing a marked drop in its value.
• The yen appreciated by over 50% against the dollar between 1985 and 1987.
• The agreement helped partially lower the U.S. trade deficit with Western Europe but did not significantly improve its trade relations with Japan due to structural import barriers in the Japanese market.

Global impact:

• Unprecedented collaboration among leading economic powers to shape currency market outcomes.
• Financial stability, as the planned, orderly nature of dollar devaluation avoided immediate panic, albeit eventually contributing to a speculative bubble in Japan’s economy, followed by the “lost decade” of deflation and stagnation in the 1990s

The 1979 Iranian Revolution was a pivotal event that toppled the monarchy of Shah Mohammad Reza Pahlavi and established the Islamic Republic of Iran. Spurred by popular protests against the Shah’s authoritarian rule, it was led by Ayatollah Ruhollah Khomeini.

Causes and progression:

• Dissatisfaction with authoritarian governance, social and economic inequalities, and systemic corruption.
• An economic crisis triggered by poorly executed reforms, fueling inflation and unrest.
• Backing from the Shi’a clergy: Khomeini galvanized support through recorded messages circulated nationwide.

Khomeini’s triumphant return to Tehran on January 31, 1979, marked the Shah’s effective downfall. By February 11, the army declared its neutrality, allowing Khomeini to formally take power. The revolution concluded with the proclamation of the Islamic Republic via a nationwide referendum held March–April 1979; about 98% of voters favored this new system of government. The theocratic constitution came into force in December of that year.

Economic impact:

• A drop in Iran’s oil production amid the turmoil, fueling a global energy crisis and driving oil prices higher.
• Rising regional instability due to the creation of a Shi’a theocracy in a key Middle Eastern state.

Hence, the Iranian Revolution is regarded as a crucial turning point in modern history, reshaping both Iran and the global economy through energy shocks and geopolitical shifts.

The 1973 Arab-Israeli conflict, also known as the Yom Kippur War or the October War, took place from October 6 to 25, 1973, and pitted an Arab coalition (led by Egypt and Syria) against Israel. The conflict strongly influenced the global economy and currency markets.

War origins:

• A surprise attack by Egyptian and Syrian forces on Yom Kippur, led by Anwar el-Sadat to reclaim territories lost in 1967.

Battles:

• Egyptian troops crossed the Suez Canal successfully while Syrian forces advanced on the Golan Heights. Israel was caught off guard but later mounted a counteroffensive, pushing back Syria and crossing into Egyptian territory.

Economic consequences:

• Oil crisis: OPEC members, supporting Egypt and Syria, drastically cut oil production to protest Western backing of Israel, causing oil prices to triple in 1973.
• Global inflation: surging energy costs sparked widespread inflation in Western industrialized nations, impacting industries like transportation.
• Currency markets: the crisis highlighted Western economies’ vulnerability to U.S. dollar fluctuations, prompting efforts such as the European “currency snake” to stabilize exchange rates against the Deutsche mark.

In short, the 1973 Arab-Israeli War was a critical juncture in Middle Eastern geopolitics and had far-reaching effects on the global economy, largely through the resulting oil shock.

The Vietnam War (1959–1975) was a complex conflict, primarily involving South Vietnam and North Vietnam. The United States intervened extensively to support the South against North Vietnam’s communist forces, backed by China and the USSR.

What began as an internal guerrilla conflict escalated in February 1965 with the first active U.S. involvement. Despite American technological superiority, North Vietnamese forces effectively resisted through guerrilla tactics and foreign logistical support.

Economic impact on global markets included:

• Inflation in the U.S. due to military spending.
• Financial instability worldwide, as U.S. budget strain put pressure on the Bretton Woods fixed-exchange system.
• Gradual weakening of fixed exchange rates.

The war effectively ended for the U.S. on April 30, 1975, with the final evacuation of its embassy in Saigon, after which North Vietnam captured the city, unifying the nation under communist rule. This defeat was one of America’s first major political-military setbacks, shaping U.S. foreign policy for decades.

The 1956 Suez Crisis revolved around the military occupation of the Suez Canal by France, Britain, and Israel, facing Egyptian opposition. This event marked the end of Britain and France’s colonial empires and solidified the United States’ role as a global superpower.

Causes and conflict:

• On July 26, 1956, Egyptian President Gamal Abdel Nasser nationalized the Suez Canal Company, a symbol of British influence in the Middle East. Seeking to reclaim control of the canal, Britain, France, and Israel orchestrated a military intervention beginning on October 29, 1956, with Israel invading the Sinai Peninsula and Anglo-French forces bombing Egyptian airfields.

Economic impact:

• Devaluation of the pound: British participation in the conflict led to a weakening of the pound. The U.S. threatened to sell its sterling reserves to force Britain’s withdrawal.
• Global economic instability: International pressure compelled British and French forces to withdraw by December 1956, underscoring the shift to a postcolonial economic landscape.
• Rising gold prices: Heightened geopolitical uncertainty spurred a flight to gold as a safe haven.

Hence, the Suez Crisis was not only a geopolitical flashpoint but also an economic turning point, affecting global currency markets through increased financial volatility and ushering in new postcolonial economic dynamics.