EUR/CHF exchange rate

After the historic low reached on March 9, markets began a gradual rebalancing process. The Trump administration announced its intention to impose 30% tariffs on European exports to the United States starting August 1, 2026, a measure that continued to weigh on Eurozone growth prospects and limit the euro’s recovery potential.

The European Union chose not to respond with immediate retaliation, opting instead to open negotiations — a move that markets interpreted as pragmatic, but also as a sign of weakness.

In Switzerland, political pressure became increasingly visible. The federal government summoned SNB Chairman Martin Schlegel to discuss the central bank’s foreign exchange interventions after Washington expressed concerns over Swiss currency management practices. This unusual interference in the traditionally independent role of the Swiss National Bank introduced an additional layer of institutional uncertainty.

The EUR/CHF exchange rate partially recovered from its March lows, stabilizing in the 0.9200–0.9240 range. It was not a return to normality, but rather a consolidation phase: the Swiss franc remained at historically strong levels, the monetary policy divergence between the ECB and the SNB continued to structurally support the Swiss currency, and the geopolitical backdrop still lacked the conditions necessary for a sustained euro recovery.

For cross-border workers and businesses operating between Switzerland and the Eurozone, this remains a favorable environment for converting CHF into EUR, although one that requires careful attention to periods of heightened market volatility.

There are thresholds in currency markets that are more than just numbers: they are psychological levels around which expectations, speculative positions, and historical memories converge. For the EUR/CHF pair, the 0.90 level has always been one of those key boundaries. On March 9, 2026, that line was broken.

The escalation of tensions between Israel and Iran in the preceding weeks reignited fears of an energy shock in Europe, with potential consequences for inflation and the ECB’s room for maneuver. In an already fragile environment — marked by the U.S. Supreme Court ruling that had shattered regulatory certainty, an intensifying trade war, and stalled peace negotiations in Ukraine — investors rushed into the Swiss franc with unusual force.

EUR/CHF briefly fell below 0.90, reaching 0.8981, a level not seen since the Swiss National Bank abandoned its currency peg in January 2015. For cross-border workers earning salaries in Swiss francs, those days translated into exceptionally strong purchasing power when converting earnings into euros. For European companies exporting to Switzerland, however, it meant a significant deterioration in price competitiveness.

Demand for CHF became so concentrated that the SNB once again found itself under pressure to intervene. While no explicit action was announced, the central bank reverted to its traditional signals of heightened market surveillance, closely monitoring currency movements as the franc continued to strengthen.

On February 20, 2026, the United States Supreme Court delivered a landmark ruling set to reshape the landscape of international trade: the tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) were declared unconstitutional. In a single decision, the entire tariff framework established throughout 2025 was thrown into question.

The market reaction was not one of relief, but of fear. The regulatory uncertainty that followed — who would reimburse tariffs already paid, and under what legal mechanism could new tariffs be reintroduced? — created a vacuum of clarity that financial markets traditionally struggle to navigate. During the same week, tensions in the Middle East intensified once again, while the U.S.-China trade conflict reached a new peak, with both sides imposing tariffs of up to 100% on selected goods.

The outcome for EUR/CHF was predictable: the euro lost ground at an accelerating pace. Every wave of geopolitical or regulatory uncertainty tends to drive capital toward Switzerland, and this episode was no exception. The exchange rate slipped below 0.92, setting the stage for what would unfold in the following weeks: one of the most dramatic market movements seen in the past decade.

At its December 2025 meeting, the European Central Bank kept its deposit rate unchanged at 2%, marking the fourth consecutive pause following the rate-cutting cycle that began in June 2024. It was not a display of confidence, but rather one of caution: inflation, revised upward to 1.9% for 2026, was not yet showing signs of excess that would warrant further action. At the same time, Eurozone growth remained modest, prompting Christine Lagarde and the ECB to take a wait-and-see approach.

For the EUR/CHF exchange rate, the ECB’s pause had a stabilizing but ultimately inconclusive effect. With the ECB holding rates at 2% and the SNB at 0%, the interest rate differential — although narrower than before — continued to favor the euro from a pure yield perspective. Yet the Swiss franc remained resilient because the forces supporting it extended well beyond monetary policy: persistent geopolitical uncertainty, ongoing pressure on European capital markets, and sustained structural demand for CHF from global asset allocation funds.

As a result, EUR/CHF traded within a sideways range between 0.9270 and 0.9390, showing no clear directional trend as markets waited for new catalysts to emerge in 2026. This period of consolidation made timing particularly challenging for individuals and businesses managing short-term EUR-CHF transfers, as identifying the optimal moment for currency conversion became increasingly difficult.

At its September meeting (and again in December) 2025, the Swiss National Bank chose not to cut rates any further, keeping its policy rate at 0% while reiterating its willingness to intervene in foreign exchange markets if necessary. It was a wait-and-see approach, but one that markets ultimately interpreted as a partial defeat for the SNB: the Swiss franc failed to weaken, and the euro lacked the momentum needed for a sustained recovery.

Weighing on the euro was the persistent weakness of the Eurozone economy, where growth struggled to gain traction despite the ECB’s rate cuts. Concerns over potential stagnation in Germany and Italy fueled demand for CHF among institutional investors, who continued to build positions in the Swiss franc as a defensive asset.

The result was sustained downward pressure on EUR/CHF, with the exchange rate reaching its yearly low of 0.9244 on November 13, 2025. This level marked the strongest point for the Swiss franc throughout the year and provided cross-border workers earning salaries in CHF with exceptionally high purchasing power when converting into euros.

Those who exchanged Swiss francs for euros during this period benefited from some of the most favorable conversion conditions seen throughout the entire year.

August 2025 brought an unwelcome surprise for the Swiss economy: the Trump administration imposed 39% tariffs on Swiss products imported into the United States, a punitive level that exceeded even the 31% rate initially proposed and dealt a significant blow to Switzerland’s key export sectors, including watches, pharmaceuticals, and precision machinery. For comparison, tariffs applied to the European Union, Japan, and South Korea were capped at 15%.

The White House’s rationale was familiar: reduce the U.S. trade deficit with Switzerland, which had reached $38 billion in the previous year, and encourage multinational companies to relocate production to American soil. The government in Bern responded with “deep regret” and launched negotiations in an effort to secure a revision of the measure.

For the EUR/CHF currency pair, the news produced an unusual effect: the Swiss franc, paradoxically, weakened. Markets interpreted the tariffs not as a source of Swiss strength, but as a tangible threat to the competitiveness and growth prospects of the Swiss economy. The exchange rate rebounded toward 0.9300, allowing the euro to recover part of the ground lost during the summer months.

At the same time, speculation intensified over a possible return by the SNB to negative interest rates as early as September, adding another layer of uncertainty to the Swiss franc’s outlook and reinforcing expectations of further monetary easing if economic conditions were to deteriorate.

The Swiss National Bank (SNB) added another chapter to its monetary policy history on June 19, 2025, cutting its key interest rate by 25 basis points to 0.00% — the sixth consecutive rate cut since March 2024 and arguably the most delicate one, as it brought Swiss borrowing costs to the threshold of negative territory.

The decision was driven by a combination of factors that could hardly be ignored. Swiss inflation had fallen to -0.1% in May, marking the country’s first return to deflation since the pandemic era, while ongoing international trade tensions continued to weigh on growth prospects.

During the post-decision press conference, SNB Chairman Martin Schlegel carefully chose his words, stating that the central bank was “on the edge of negative interest rates” — a tool previously used to curb excessive appreciation of the Swiss franc, but one that carries significant side effects for the banking system. Markets interpreted the message more as a subtle warning than a firm commitment to further easing.

The impact on the EUR/CHF exchange rate was somewhat paradoxical. Although the rate cut should, in theory, have weakened the Swiss franc, the currency pair moved lower after the announcement, slipping below 0.9400. The reason was straightforward: markets had already priced in the cut during the preceding weeks, and Schlegel’s cautious rhetoric — without any explicit signal of additional easing measures — convinced many investors to return to the Swiss franc as a safe-haven asset in an increasingly uncertain global environment.

Following the April sell-off, markets searched for — and found — some signs of easing tensions. On the Ukrainian front, Russia implemented a three-day ceasefire at the beginning of May 2025, followed by direct negotiations in Istanbul. The Russian delegation arrived without Putin, while the Ukrainian side was represented without Zelensky. Technically, it was far from a diplomatic breakthrough. Nevertheless, an agreement on the exchange of thousands of prisoners and a commitment to further talks — including the presentation of reciprocal memoranda on June 2 — helped lower geopolitical tensions across Europe.

At the same time, Washington and Beijing reached a temporary trade truce, suspending some of the most aggressive retaliatory measures in the tariff dispute between the two superpowers. The combination of these developments reduced demand for safe-haven assets, easing upward pressure on the Swiss franc.

The EUR/CHF exchange rate recovered in an orderly manner, climbing back toward 0.9400. It was not an explosive rebound, but rather a gradual normalization: the market stopped pricing in the worst-case scenario without returning to the levels seen at the beginning of the year. The euro remained fragile, and institutional investors continued to exercise caution. For those needing to exchange euros for Swiss francs, the exceptionally favorable window seen during the April lows had partially closed.

Il April 2, 2025, entered the memory of currency markets as one of the sharpest shocks of recent years. In a move characteristic of his style, Donald Trump announced the introduction of “reciprocal” tariffs on all U.S. trading partners, branding the measure as “Liberation Day.” The message was clear: America would eliminate what his administration viewed as decades of trade imbalances imposed by other nations.

For the EUR/CHF currency pair, the consequences were immediate and severe. In less than a week, the exchange rate fell from around 0.9543 to 0.9299 on April 10, 2025 — the lowest level recorded that year up to that point.

The logic of financial markets during periods of geopolitical turmoil is always the same: investors sell assets exposed to risk and buy those considered safe havens. The Swiss franc, supported by Switzerland’s political neutrality, the institutional strength of the Swiss National Bank (SNB), and its traditional resilience during external crises, attracted capital from around the world. The euro, on the other hand, paid the price for the Eurozone’s exposure to U.S. tariffs and the risk of a structural economic slowdown across its major member states.

For cross-border workers and anyone involved in transfers between euros and Swiss francs, those two weeks in April represented a historically favorable period for converting CHF into EUR: each franc was worth significantly more euros than usual.

In March 2025, the European Union announced a strategic plan for common defence, introducing a shared budget of approximately 150 billion euros to strengthen European military capabilities and promote the continent’s strategic autonomy. This initiative marks a historic leap towards greater political cohesion and an autonomous defence capability at Community level, with significant implications on the economic and currency fronts as well.
From the perspective of the EUR/CHF pair, the announcement acted as a strengthening factor for the euro against the Swiss franc. The creation of a common defence budget boosted investor confidence in the stability and political solidity of the eurozone, reflected in an appreciation of the single currency. This effect was particularly noticeable at a time when the perception of greater European strategic autonomy contributed to improving sentiment towards the euro, pushing the value of EUR higher against CHF.
In summary, the European defence plan of March 2025 represented a signal of cohesion and political strength, temporarily strengthening the euro against the Swiss franc and underlining the link between geopolitical developments and currency exchange dynamics.

On March 14, 2025, the EUR/CHF exchange rate reached its annual high of 0.9641, marking the highest level of the year and a phase of euro strength against the Swiss franc. This strengthening of the euro was likely driven by more favorable economic conditions in the eurozone and interest rate differentials that made the euro more attractive to investors.
Reaching this level represented a significant technical resistance, signaling a point at which the growing pressure on the euro found a natural ceiling. From here, a trend reversal began, with the euro starting to lose ground against the franc, influencing investment strategies and economic decisions between the two countries.
This phase of strength followed by a reversal is typical in currency exchange dynamics, reflecting the balance between fundamental economic factors and market sentiment, and underlines the importance of monitoring key levels to anticipate possible turning points in the EUR/CHF relationship.

On January 30, 2025, the European Central Bank decided to cut its reference rates to 2.75%, in a European economic environment characterized by slow growth and inflation that remains under control but still uncertain. The ECB’s stated objective was to stimulate consumption and investment by making financing more accessible and supporting domestic recovery, even at the cost of a temporary weakening of the euro on currency markets.

Following the decision, the euro came under downward pressure, while the Swiss franc strengthened. The Swiss currency, perceived as a safe haven, benefited from the difference in approach between the ECB and the Swiss National Bank, which maintains more conservative policies. Investors therefore favoured the CHF, amplifying its appreciation against the euro and influencing capital flows in the region.

This dynamic has direct consequences for those operating between Switzerland and the eurozone, such as cross-border workers: a stronger franc increases the value of their salaries in euro terms, but may make goods and services more expensive in their area of residence. At the same time, companies exporting to Europe must contend with slightly higher costs, highlighting how closely monetary policy and cross-border economic activity are intertwined.

On January 20, 2025, Donald Trump returned to the White House, assuming the position of the 47th President of the United States. Having already served as the 45th president from 2017 to 2021, Trump achieved another victory in the November 2024 presidential elections, defeating Democratic candidate Kamala Harris. With 312 electoral votes secured, he comfortably exceeded the threshold needed to be elected, cementing his return to power.

Trump’s new term began with a series of immediate measures. Among his first actions, he signed executive orders aimed at reducing energy costs and announced economic measures to combat inflation. He also promised new trade tariffs on Canada and Mexico, reaffirming his protectionist approach in economic matters.

On the domestic front, Trump granted sentence commutations related to the January 6, 2021 attacks on Congress, a move that sparked considerable debate. In foreign policy, Trump revived his “America First” program, signaling a decisive shift from the previous administration: among the most notable decisions were the United States’ withdrawal from the World Health Organization (WHO) and a review of foreign aid, with the stated goal of channeling resources toward national priorities.

Trump’s return to the presidency has had a significant impact on both the geopolitical and economic arenas (including in Switzerland). His administration has heightened tensions with China and Europe, contributing to a climate of global uncertainty.

Financial markets reacted with volatility, mirroring investors’ concerns about the implications of his economic and trade policies. This new chapter of Trump’s presidency marks a crucial moment for the United States and international balances, reaffirming his central role in the global political debate and in world economic dynamics.

In 2024, financial markets exhibited varying levels of volatility depending on specific asset classes and geographic regions. Overall, the stock market posted positive double-digit returns in both Europe and the United States. However, there were periods of uncertainty, especially during the summer, driven by events such as the American presidential elections and tensions in the Middle East.

The bond market initially experienced unprecedented levels of volatility, prompted by rising interest rates and the resurgence of inflation. These factors led to higher yields and a decline in value for existing bonds with lower coupons. During the summer, however, the situation underwent an unexpected shift: as inflation receded and macroeconomic data became less favorable, a bond market rally ensued.

Globally, the MSCI World Index experienced a notable downturn in July and August, ending that period with a loss of 7.66%. Certain indices showed lower volatility compared to previous years; for instance, the European market recorded a decrease in volatility relative to 2023.

In conclusion, 2024 proved to be a contradictory year for financial markets: while equities delivered positive performances, the bond sector faced bouts of instability, influenced by geopolitical and macroeconomic factors.

In 2023, inflation became a critical issue for central banks worldwide. This price surge was fueled by several factors, including the post-pandemic economic recovery, the sharp increase in commodity costs, and geopolitical tensions, particularly the war between Russia and Ukraine.

In response, the European Central Bank (ECB) decided to increase interest rates to try to contain inflation. Until September 2023, the ECB raised its benchmark rate on ten consecutive occasions, reaching a historic high of 4.50% on September 20, 2023. These hikes aimed to reduce aggregate demand and curb the relentless rise in prices in the euro area. However, beginning in October 2023, the ECB chose to halt these increases, leaving rates unchanged during the December 14, 2023 meeting as well. This decision was based on the forecast that inflation would slow down in 2024 and 2025, approaching the ECB’s 2% target.

Higher interest rates had significant repercussions on the European economy, affecting borrowing costs for households and businesses. They also contributed to increased volatility in financial markets, potentially influencing currency exchange rates. Overall, 2023 saw central banks tackling complex inflation-related challenges, implementing drastic measures to stabilize the economy in an uncertain global environment.

In 2024, geopolitical tensions dominated the international landscape, exerting a notable influence on the global economy. Among the most significant events this year, the conflict between Russia and Ukraine continued to drag on, creating a stalemate that fueled geopolitical uncertainty. This war had considerable repercussions on global energy markets and supply chains around the world.

In the Middle East, the war between Hamas and Israel raised concerns about the region’s stability, with potential negative effects on energy markets. Competition between the United States and China was another key development in 2024, profoundly shaping trade and strategic relations between these two global powers.

Meanwhile, the U.S. presidential elections were widely seen as a pivotal moment for global geopolitics, carrying major implications for international relations and global trade. In addition, the expansion of the BRICS group, with the admission of new members, increased the economic and political clout of this alliance, contributing to the fragmentation of the traditional world order.

These developments kept geopolitical uncertainty elevated, affecting financial markets and economic choices worldwide. According to estimates by the European Central Bank (ECB), geopolitical tensions shaved about one percentage point off the Eurozone’s GDP growth in 2024.

The conflict between Russia and Ukraine is a complex crisis with deep historical roots, visibly emerging in 2014 but escalating dramatically on February 24, 2022. It all began with Russia’s occupation of Crimea in February 2014, culminating in the peninsula’s annexation to the Russian Federation.

This event marked the start of a period of rising tensions between the two countries, accompanied by clashes between Ukrainian forces and pro-Russian separatists in the eastern Donbass regions—particularly Donetsk and Luhansk—where independence was being demanded. These clashes gave rise to a low-intensity conflict that lasted for years.

The situation deteriorated further in February 2022, when Russia formally recognized the independence of the separatist republics of Donetsk and Luhansk and deployed troops to the Donbass region. On February 24, 2022, Russia launched a full-scale invasion of Ukraine, beginning with aerial and missile strikes on strategic targets throughout the country, including the capital, Kyiv.

The consequences of this escalation were severe. At present, roughly 18% of Ukrainian territory is under Russian occupation, and millions of Ukrainians have been forced to abandon their homes, with more than 6 million seeking refuge abroad.

The international community responded by imposing strict economic sanctions against Russia, while NATO increased its military presence in Europe to ensure the security of its member states. The conflict had significant effects on global energy and financial markets: commodity prices surged, and currency markets became more volatile.

This conflict has not only exposed geopolitical vulnerabilities but also raised questions about the future of European security and the global order. The war between Russia and Ukraine remains a complex crisis that continues to evolve, with profound implications at both the local and global levels.

The COVID-19 pandemic was an unprecedented global health crisis, triggered by the SARS-CoV-2 virus, first identified in Wuhan, China, toward the end of 2019. Initially, it appeared as an outbreak of pneumonia of unknown origin, officially reported by Chinese authorities on December 31, 2019. However, the earliest traces of the virus date back to several weeks earlier: the first known case of infection was recorded on November 17, 2019, though this information was made public only on January 13, 2020.

The trade war between the United States and China officially began in March 2018, when then-U.S. President Donald Trump announced tariffs on Chinese goods worth $50 billion. The move was justified by accusations of unfair trade practices and intellectual property theft by China.

This marked the start of an economic dispute between the world’s two largest economies, and China responded swiftly: Beijing imposed tariffs on various American products, including soybeans—one of the main U.S. exports to China.

From that point on, tensions intensified with a series of reciprocal measures. The U.S. instituted 25% tariffs on $34 billion of Chinese goods, followed by additional tariffs on more products. China countered with tariffs of an equivalent level on U.S. goods totaling $545 million.

This escalation had significant repercussions on the global economy. Supply chains were disrupted, consumer costs rose, and financial market confidence took a blow. Despite attempts to reach an agreement, the dispute dragged on, affecting strategic sectors like technology, with the U.S. imposing restrictions on major Chinese companies such as Huawei.

The trade war highlighted the deep economic and political differences between the two nations, reshaping international trade dynamics and prompting questions about the future of global economic relations.

2017 was a year of intense activity in the cryptocurrency market, with developments that attracted worldwide attention. During that year, the price of Bitcoin reached an all-time high of nearly $20,000, while the total cryptocurrency market capitalization soared above $1 trillion. This extraordinary rise was driven by strong speculative interest, especially in countries like Japan and South Korea, where many retail investors were drawn to the possibility of high returns and the growing visibility of cryptocurrencies as alternative assets.

However, the market did not sustain this momentum for long. In 2018, a substantial crash occurred, with Bitcoin’s price suffering a dramatic drop. This highlighted the vulnerability of the cryptocurrency market and its susceptibility to rapid fluctuations.

Despite the difficulties of 2018, the cryptocurrency market continued to show signs of volatility in the following years. Between 2020 and 2021, there was yet another surge, with Bitcoin surpassing $60,000 and once again capturing the attention of investors and the media.

Nevertheless, the 2017 crypto boom remains a pivotal chapter in the history of digital currencies, characterized by a rapid run-up in prices followed by a marked correction, yet also by a resilience that led to new peaks in subsequent periods.

The Brexit referendum was held on June 23, 2016, in the United Kingdom and Gibraltar, with significant voter participation: turnout reached 72.2%, involving around 46.5 million eligible voters. A majority of British citizens chose to leave the European Union, with 51.9% voting in favor of withdrawal and 48.1% opting to remain.

The results revealed a clear geographical split: most voters in England and Wales supported leaving the EU, while Scotland and Northern Ireland predominantly voted to remain.

This outcome led to the resignation of Prime Minister David Cameron, who announced his intention to step down by October 2016. The political crisis triggered by the referendum set off negotiations for the UK’s departure from the European Union, formally initiated in March 2017 with the activation of Article 50 of the Lisbon Treaty.

The referendum’s impact was also felt in financial markets, as the British pound depreciated sharply against other major currencies, including the euro. Concerns arose about economic and political stability not only in the UK but also worldwide. In summary, the Brexit referendum was a pivotal moment in the UK’s recent history, marking a significant shift in the country’s relationship with the European Union.

The 2015 Chinese stock market crash was a significant financial event that affected the Shanghai and Shenzhen stock exchanges.

The crisis was triggered by a slowdown in the Chinese economy and a speculative bubble in equity markets, which had seen a 150% rise in stock prices between June 2014 and June 2015 without a corresponding improvement in the profitability of listed companies.

The collapse began in June 2015 and reached its lowest point on August 26, when the CSI 300 Index lost about 45% of its value.

Chinese authorities attempted to intervene with measures such as banning sales by major shareholders and having state funds purchase shares, but the results were limited.
The crisis also led to a devaluation of the renminbi (the Chinese yuan) in August, adding further pressure on global financial markets.

Despite the volatility, China’s financial system remained relatively insulated, limiting the contagion’s impact on international markets.

The Swiss National Bank (SNB) removed its euro peg on January 15, 2015.

In September 2011, the SNB had introduced a minimum exchange rate of CHF 1.20 per euro to protect the Swiss economy from excessive franc appreciation. However, maintaining this rate had become increasingly difficult and costly, particularly due to monetary policy divergences between the EU and the United States, which were causing the euro to depreciate against other major currencies.

The decision to abandon the peg came as a surprise and led to a sharp appreciation of the Swiss franc, with the EUR/CHF exchange rate plummeting by 40% in a matter of minutes, hitting levels around CHF 0.80 per euro.

This event had a significant impact on financial markets, causing losses for investors who had bet on the peg being maintained.
Simultaneously with the removal of the cap, the SNB further lowered the negative interest rate on bank sight deposits at the SNB, bringing it to -0.75%, aiming to reduce the Swiss franc’s appeal and mitigate the effects of its appreciation.

The European sovereign debt crisis of 2011 was an extension of the global financial crisis that began in 2008, as well as a continuation of the sovereign debt issues that had already emerged in 2010. This event hit Eurozone countries known as “PIIGS” (Portugal, Ireland, Italy, Greece, and Spain) particularly hard, due to high levels of public debt and budget deficits.

The crisis stemmed from various factors, including elevated public debt and a struggling banking system. Many Eurozone member states had accumulated substantial debt, making it difficult to finance their deficits. Meanwhile, European banks were heavily exposed to government bonds from these troubled countries, incurring heavy losses and further aggravating the situation.

In 2011, the crisis deepened when the yields on Italian and Spanish government bonds began to climb, signaling growing investor concern about the sustainability of public debt. In October, Eurozone leaders unveiled a plan to cut Greece’s debt by 50% and increased the European Financial Stability Facility (EFSF) to around €1 trillion.

The consequences for the affected states were severe: several countries were forced to adopt austerity measures to contain their budget deficits, resulting in economic recessions and high unemployment rates. The crisis also raised questions about the stability of the Eurozone and heightened volatility in financial markets.

During this critical time, the Swiss franc appreciated significantly due to its reputation as a safe-haven currency. In August 2011, the EUR/CHF exchange rate approached parity, leading the Swiss National Bank (SNB) to intervene on September 6, 2011, when it introduced a minimum exchange rate of CHF 1.20 per euro. This move aimed to curb franc appreciation and protect the Swiss economy.

The SNB maintained this rate until January 15, 2015, when it decided to remove it following the European Central Bank’s introduction of quantitative easing.

The flash crash of May 6, 2010 was an unexpected financial episode that hit the U.S. stock markets. On that day, the Dow Jones Industrial Average (DJIA) plunged by more than 1,000 points in just 10 minutes, only to recover most of the losses by the market close.

There were multiple causes behind this event. A key factor was a massive sell order of E-mini S&P 500 futures placed by Waddell & Reed Financial, an investment fund. This order triggered a chain reaction, amplified by high-frequency trading algorithms, which accelerated the price drop.

In addition, Navinder Singh Sarao, an independent trader, played a major role by using algorithms to generate sell orders, further contributing to the downward pressure on the markets.

The 2010 flash crash raised serious concerns about the stability of financial markets and led to a review of existing regulations, with the aim of preventing similar events in the future.

The 2008 global financial crisis stands as one of the most severe economic events in recent history, originating in the United States and spreading swiftly worldwide.

Its principal causes can be summarized as follows:

• Housing bubble: U.S. home prices had been inflated in an unsustainable manner, and when this bubble burst, subprime mortgages granted to borrowers with poor credit began to fail, generating large losses for banks.
• Mortgage securitization: Financial institutions turned mortgages into complex instruments, such as CDOs and CMOs, selling them to investors around the globe. This practice spread risk throughout the financial system, making the crisis even more pervasive.
• Bank failures: A critical moment occurred on September 15, 2008, when Lehman Brothers filed for bankruptcy, sparking a worldwide loss of confidence.

The crisis led to a deep, widespread recession, marked by a sharp economic contraction, reduced consumer spending, and rising unemployment. Governments and central banks responded with measures such as interest rate cuts and liquidity injections to stabilize the financial system.

The impact of the 2008 crisis also affected currency markets. In particular, the CHF/EUR exchange rate was influenced by the Swiss franc’s status as a safe-haven currency during periods of financial instability, drawing the attention of investors.

The 2003 invasion of Iraq, led by the United States, had a significant impact on global financial markets. Early expectations of a quick “lightning war” generated a brief period of optimism, pushing stock indexes higher. However, once it became clear the conflict would be longer and more complex, markets reacted negatively.

Global stock markets recorded steep declines, with sizable losses in Europe and the United States. Oil prices rose rapidly due to concerns about the stability of energy supplies from the Middle East. Meanwhile, investors sought shelter in safe-haven assets like gold and bonds, driving up demand for them.

Market volatility was further exacerbated by a weakening U.S. dollar, which lost ground against the euro and the Swiss franc. Heightened geopolitical uncertainty and rising U.S. military expenditures fueled economic pessimism, hindering global economic recovery and increasing U.S. debt levels.

The war in Iraq not only undermined markets in the short term but also had long-lasting effects on the global economy, influencing commodity prices and investor confidence for years.

The WorldCom scandal is one of the most serious cases of accounting fraud in American corporate history, involving WorldCom, a major U.S. telecommunications company. The firm was accused of manipulating its financial statements to hide debt and falsely inflate profits.

Fraudulent practices included classifying operating expenses as investments, which artificially boosted earnings by more than $11 billion.

Among the key developments, in June 2002, the SEC launched an investigation that unveiled the fraud. WorldCom’s stock plummeted dramatically, losing over $180 billion in value. The company was forced into bankruptcy and later entered a restructuring process.
Legal consequences were severe: CEO Bernard Ebbers was sentenced to 25 years in prison for his role in the fraud.

This scandal helped strengthen accounting regulations in the United States, leading to the adoption of the Sarbanes-Oxley Act to ensure greater transparency and accountability in corporate governance. While it did not directly affect the CHF/EUR exchange rate, it did shape market perceptions by increasing caution among investors.

The Enron scandal was one of the most notorious cases of accounting and financial fraud, involving Enron Corporation, a major player in the energy sector. The company used complex and highly intricate financial practices to mask its debt and inflate earnings, aided by the complicity of auditing firm Arthur Andersen.

In October 2001, the SEC opened an investigation into Enron’s operations. By November, the company’s stock had plunged drastically, and on December 2, 2001, Enron officially filed for bankruptcy.

The fallout from this scandal was severe for both the company and the individuals involved: Arthur Andersen collapsed due to the loss of reputation, and multiple Enron executives faced criminal charges. Additionally, in 2002, the Sarbanes-Oxley Act was introduced to enhance transparency and accountability in corporate practices.

While the scandal did not have a direct, significant impact on the CHF/EUR exchange rate, it did increase caution in global financial markets.

September 11, 2001, is remembered as the day the United States suffered one of the most devastating terrorist attacks in its history. Four commercial airplanes were hijacked by 19 Al-Qaeda members and used to strike symbolic and strategic U.S. targets. Two aircraft crashed into the Twin Towers in New York, causing them to collapse within hours, while a third hit the Pentagon, severely damaging one section of the building. The fourth plane, likely headed for the White House or the Capitol, went down in Pennsylvania due to a passenger revolt.

The attacks claimed 2,977 lives and left more than 6,000 people injured, marking a turning point in global security and international policy. These events led to the U.S. “war on terror,” including military interventions in Afghanistan and Iraq.

From a currency perspective, September 11 did not have an immediate impact on the Swiss franc (CHF) to euro (EUR) exchange rate. However, in the days that followed, there was an uptick in demand for safe-haven currencies such as the Swiss franc, which could explain the jump recorded between September 12 and 21, 2001.

The dot-com bubble was a speculative phenomenon that occurred from 1997 to 2000, mostly affecting U.S. internet-based technology companies. The boom culminated on March 10, 2000, when the Nasdaq index reached an all-time high of 5,048.62 points. However, starting on March 11, 2000, the market began to experience a significant downturn.

Financial statements released by many dot-com companies in March 2000 revealed a troubling reality: many firms failed to generate profits and lacked a strategy for doing so. This led to an investor confidence crisis, prompting the withdrawal of capital, a sharp correction in the stock market, and the ultimate bursting of the bubble.

Regarding the Swiss franc (CHF) to euro (EUR) exchange rate, March 2000 did not see notable fluctuations directly tied to the dot-com bubble. However, it is worth noting that the Swiss franc is often viewed as a stable safe-haven currency, which may have made it an attractive option during the uncertainty of that period.

The euro was introduced gradually beginning on January 1, 1999, when eleven European Union countries adopted the single currency as a virtual unit of account for financial transactions and accounting purposes. At that point, the euro had not yet been issued physically. Greece joined on January 1, 2001, bringing the total to twelve countries, and on January 1, 2002, euro banknotes and coins officially entered circulation in the participating nations.

In the years that followed, other countries such as Cyprus, Slovenia, Malta, Estonia, Slovakia, Latvia, Lithuania, and finally Croatia in 2023 also adopted the euro. As of 2022, nineteen EU Member States used the euro as their official currency.

From 1999 to 2002, the introduction of the euro had a significant impact on European financial markets. However, it did not directly affect the exchange rate with the Swiss franc (CHF) in terms of specific interventions or monetary policies. During this period, the CHF/EUR exchange rate remained relatively stable, and the Swiss National Bank (SNB) did not undertake any direct actions to regulate its parity with the new single currency.