USD/CHF exchange rate

In the early hours of March 1, 2026, the United States and Israel launched “Operation Roar of the Lion” against Iran, targeting nuclear facilities, Revolutionary Guard installations, and strategic military assets. Markets reacted with an immediate wave of risk aversion. Brent crude climbed from $72–73 per barrel at the close of February 28 to approximately $80 by March 2, reaching peaks of nearly $120 on March 3 and March 31, before stabilizing around $90 by mid-April.

The currency market displayed a particularly noteworthy dynamic. During the first trading sessions following the launch of the operation, gold, the Swiss franc, the U.S. dollar, and government bonds simultaneously attracted capital as safe-haven assets. The dollar benefited from flows linked to the geopolitical influence of the United States as the conflict’s leading military actor. The Swiss franc, however, ultimately outperformed thanks to Switzerland’s neutrality: USD/CHF fell to 0.7763 Swiss francs per dollar on March 6 — a level that represented a major long-term support zone for the pair, from which the dollar later staged a technical rebound, with short-term resistance around 0.8080.

By mid-April 2026, optimism surrounding a potential permanent ceasefire between the United States and Iran gradually reduced demand for safe-haven assets, easing fears of a prolonged energy shock. The USD/CHF exchange rate stabilized around 0.78, with the dollar regaining some strength as the military situation became clearer, although it failed to structurally recover the levels seen before the conflict.

On February 20, 2026, the United States Supreme Court delivered a ruling set to reshape the global trade landscape: the tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) were declared unconstitutional. The market reaction was not relief, but confusion. During the same week, the escalation of the conflict in the Middle East coincided with a renewed surge in the U.S.-China trade war, as both countries imposed tariffs of up to 100% on each other’s goods.

For USD/CHF, the combination proved toxic. The ruling instantly removed the legal foundation of the entire tariff regime established in 2025, creating a regulatory vacuum that markets struggled to price. When the rules of the game change without warning, investors tend to sell currencies exposed to uncertainty and buy certainty instead. The Swiss franc, backed by the neutrality of Switzerland and the predictability of its legal and institutional framework, absorbed those capital flows. As a result, the USD/CHF exchange rate fell to 0.77 Swiss francs per dollar, pushing the greenback to its lowest levels of the period.

The dollar had already been under considerable downward pressure in the preceding weeks, with structural risks continuing to dominate institutional investor positioning. The Supreme Court’s decision did not create a new trend — it simply accelerated one that was already well underway.

The week of January 27–28, 2026 marked a new low in the recent history of the USD/CHF currency pair: 0.7683 Swiss francs per dollar, the lowest level in more than a decade. The decline was not driven by a single event, but rather by a combination of negative factors for the U.S. dollar that converged within a matter of days.

The Swiss franc benefited from an erosion of confidence in U.S. economic policymaking, fueled by uncertainty surrounding the administration’s trade measures and repeated attempts to influence Federal Reserve decisions, which raised questions about the institutional stability of the U.S. monetary system. When investors begin to doubt the independence of a central bank, the country’s currency tends to suffer — and the dollar paid exactly that price during this period.

Adding further pressure on the greenback was the ongoing congressional debate over the so-called “Big Beautiful Bill”, a massive fiscal package that could have further widened a federal deficit already exceeding $2 trillion per year. Concerns over the U.S. fiscal outlook, amplified by the ongoing legislative debate, contributed to a shift of capital away from dollar-denominated assets.

The Swiss franc, backed by an independent central bank and some of the strongest public finances in the world, became the natural destination for those capital flows.

The autumn rebound in the U.S. dollar proved short-lived. The U.S. consumer confidence index fell to its lowest level in seven months, while retail sales data came in below expectations, increasing the likelihood of another Federal Reserve rate cut before year-end.

On December 10, 2025, confirmation arrived as expected: the Fed delivered another 25-basis-point rate cut, bringing interest rates down to 3.75%.

The USD/CHF exchange rate resumed its downward trajectory, slipping toward 0.79 by the end of December. The increasingly divergent monetary policy paths of the two central banks — with the Fed leaning toward further easing while the SNB was already at 0% — continued to exert downward pressure on the pair.

By year-end, the picture was clear: the Swiss franc had appreciated by approximately 14% against the U.S. dollar during 2025, making it the second-best-performing currency in the G10. The move was supported by declining confidence in U.S. economic policymaking and persistent structural demand for CHF as a safe-haven asset. In USD/CHF terms, this translated into a significant loss of value for the dollar relative to the Swiss franc compared with the beginning of the year.

Not all currency movements follow a straight line. During the autumn period, markets had to contend with stronger-than-expected U.S. economic data, which challenged the narrative of a Federal Reserve prepared to deliver aggressive rate cuts throughout the year. During this phase, the dollar posted broad gains across the G10 as expectations for further accommodative measures from the U.S. central bank began to fade.

The USD/CHF exchange rate reacted in the opposite direction compared to the previous month: the dollar regained ground, pushing the pair up to 0.8101 on November 5 — its highest level in six months. This was a technical correction rather than a structural trend reversal, reflecting the rebalancing of speculative positions after months of one-way dollar weakness.

The move reaffirmed a well-known cyclical dynamic in currency markets: the Swiss franc tends to weaken when the U.S. economy shows signs of resilience, as the urgency of the “safe-haven” narrative diminishes. With geopolitical tensions relatively subdued and U.S. economic data holding up, the dollar temporarily regained its appeal.

September 2025 marked the beginning of a new phase in U.S. monetary policy. On September 18, the Federal Reserve cut interest rates by 25 basis points, bringing its benchmark rate to a range of 4.00%–4.25% — the first rate cut of 2025, prompted by a weakening labor market. Unemployment had risen to 4.2%, while a major revision erased more than 900,000 jobs from employment figures over the previous twelve months.

The USD/CHF exchange rate responded with remarkable precision, falling from 0.80 to 0.79 Swiss francs per dollar during the period when markets were most aggressively pricing in the expected rate cut. The mechanism was straightforward: when the Federal Reserve lowers interest rates, the expected return on dollar-denominated assets declines, reducing the currency’s attractiveness to international investors.

The Swiss franc, already supported by an SNB policy rate anchored at zero and persistent safe-haven demand, filled the space left by the weakening dollar.

The growing divergence between the two central banks — with the Fed beginning an easing cycle while the SNB was already operating at the edge of negative-rate territory — continued to exert downward pressure on the greenback against the Swiss franc, reinforcing a trend that had been in place for several months.

In August 2025, the USD/CHF exchange rate experienced marked volatility, reflecting the complexity of the global geopolitical environment and economic uncertainties in both the United States and Switzerland. International trade tensions and mixed economic data created a climate of caution among investors, with the Swiss franc maintaining a degree of strength and exerting pressure on the dollar.

The Federal Reserve adopted a cautious approach to monetary policy, while the Swiss National Bank confirmed the rate cut to 0%, seeking to support the national economy without worsening the side effects of negative rates. This policy differential influenced the exchange rate, making the dollar less stable against the franc.

In summary, USD/CHF volatility in August highlighted how geopolitical risks, combined with economic shifts and divergent monetary policies, have profoundly influenced currency markets, with the franc regarded as a safe haven in times of uncertainty.

On July 1, 2025, the USD/CHF exchange rate hit a minimum value of approximately 0.7912 francs per dollar, reflecting a significant loss of value of the dollar against the Swiss franc. This low level signals a summer marked by intense geopolitical tensions and growing demand for the franc as a safe-haven currency among global investors.

The weakness of the dollar was fuelled by uncertain US economic data and a more cautious monetary policy from the Federal Reserve, while the Swiss National Bank maintained a stable and prudent stance. This environment enhanced the attractiveness of the franc, considered a safe port in times of international uncertainty.

In summary, the USD/CHF low of July 1, 2025 reflects investor risk sentiment and confidence dynamics during a period of global instability, with the Swiss franc playing a key role as a stable and secure currency.

On January 30, 2025, the European Central Bank lowered its reference rates to 2.75%, in response to slowing European growth and inflation that remains under control but still uncertain. The ECB’s objective was to stimulate consumption and investment by making financing more accessible, but the move had immediate effects on the global currency market.

In particular, the US dollar weakened against the Swiss franc. The Swiss currency, perceived as a safe haven, benefited from the more cautious monetary policy of the Swiss National Bank, which kept rates stable while Europe was lowering its own. As a result, the USD/CHF exchange rate showed a downward trend, signalling the strengthening of the CHF against the dollar and the increased attractiveness of the franc for international investors.

This scenario affects businesses and financial operators: imports and dollar-denominated investments become more expensive for those using francs, while exports and CHF transactions towards USD markets benefit from the exchange rate that favours Switzerland. The situation underlines how decisions by major central banks can influence safe-haven currencies and capital flows on a global scale.

On January 20, 2025, Donald Trump returned to the White House as the 47th President of the United States, after winning the November 2024 presidential election against Kamala Harris. Here is a summary of his first strategic moves.

Immediate actions:

• Reducing energy costs and fighting inflation: Trump has launched initiatives to address these two key economic challenges.
• Protectionist trade policy: renewed push with new tariffs on Canada and Mexico.
• Commutation of sentences related to attacks on Congress: a controversial domestic decision.

International policy:

• “America First” relaunched: a shift from the previous administration.
• Withdrawal from the WHO: pulling out of the World Health Organization.
• Review of foreign aid: focusing resources on national priorities.

Impact:

• Geopolitics: increased tensions with China and Europe.
• Economy: a global climate of uncertainty and political instability.
• Financial markets: volatility, reflecting investor concerns.

Trump’s second term is a complex challenge for the United States and the international community, with far-reaching effects on financial markets and global diplomatic relations.

The year 2024 was a time of major upheavals for financial markets worldwide. Despite the uncertainty that defined the summer—caused by geopolitical factors such as the U.S. presidential elections and Middle Eastern tensions—equities showed notable resilience, ending with substantial gains in both Europe and the United States.

In the bond market, rising interest rates and resurgent inflation initially generated unprecedented turbulence. However, this trend reversed when inflation began to moderate and macroeconomic data painted a less optimistic picture of global economic expansion. As a result, liquidity flowed into the bond market, fueling a sharp rally in that sector.

Globally, financial indices displayed mixed performances. The MSCI World Index saw a significant drop during the summer months, but certain regional markets proved more stable than in recent years. In particular, the European market experienced lower volatility compared to 2023.

Thus, one might say that 2024 was a year of contrasts for financial markets. Stock investors generally enjoyed favorable returns, while bondholders continued to navigate an uncertain environment shaped by geopolitical and economic factors.

In 2024, the global economy was strongly influenced by a complex and interconnected geopolitical landscape. Key events such as the protracted Russia-Ukraine conflict, the Middle Eastern tensions between Hamas and Israel, and the growing competition between the United States and China all contributed to an atmosphere of uncertainty.

Key factors and impacts:

• Russia-Ukraine conflict: the stalemate in this war significantly affected global energy markets and supply chains.
• Tensions in the Middle East: the conflict between Hamas and Israel raised concerns over regional stability.
• U.S.-China competition: the deepening strategic rivalry between these two powers had a profound effect on global trade relations.
• U.S. presidential elections: widely considered a pivotal moment for global geopolitics.
• Expansion of the BRICS: the admission of new members increased the alliance’s economic and political weight, further fragmenting the traditional world order.

This geopolitical uncertainty had a direct impact on global financial markets and, according to the European Central Bank (ECB), curbed economic growth in the Eurozone in 2024. In such a complex setting, politics remains a primary source of economic unpredictability.

In 2023, inflation emerged as a critical issue for central banks worldwide, driven by the post-pandemic recovery, rising commodity costs, and geopolitical tensions—particularly the war between Russia and Ukraine.
To combat this trend, the European Central Bank (ECB) adopted a restrictive monetary policy, raising interest rates ten consecutive times until they reached a peak of 4.50% in September 2023. The aim was to contain rising prices within the euro area by reducing aggregate demand.

However, starting in October 2023, the ECB paused these hikes, keeping rates unchanged at the December meeting, based on the forecast of a slowdown in inflation for 2024 and 2025, in an effort to move closer to the 2% target.

Higher interest rates had multiple consequences for the European economy, including higher borrowing costs for households and businesses, greater market volatility, and potential effects on exchange rates.
In conclusion, 2023 was challenging for central banks, as they tackled inflation by implementing forceful measures to stabilize the economy in an uncertain global environment.

The crisis between Russia and Ukraine, a longstanding issue rooted in events dating back to 2014, reached a critical turning point with the large-scale invasion on February 24, 2022. Russia’s annexation of Crimea in February 2014 had already triggered an escalation of tensions, culminating in a low-intensity conflict in the Donbas, where Donetsk and Luhansk demanded independence.

Matters worsened in February 2022, when Russia recognized the separatist republics in the Donbas and sent troops, ultimately leading to the invasion of Ukraine. Air and missile strikes targeted strategic locations throughout the country, including the capital, Kyiv.

Economic and humanitarian repercussions have been devastating: about 18% of Ukrainian territory is now under Russian occupation, and millions of Ukrainians have sought refuge abroad. The international community responded with severe economic sanctions against Russia.

The conflict has shaken global energy markets, driving up commodity prices and amplifying volatility in currency markets. The Russia-Ukraine crisis poses a complex challenge with deep implications both locally and globally.

The world faced an unimaginable health crisis when, starting in Wuhan, China, the SARS-CoV-2 virus began to spread rapidly. What would come to be known as the COVID-19 pandemic put immense strain on healthcare systems worldwide, exposing the vulnerabilities of an increasingly interconnected economy.

Officially declared a pandemic by the WHO on March 11, 2020, the emergency triggered a cascade of economic repercussions. Business closures, supply-chain disruptions, and an unprecedented employment crisis plunged economies into recession. Even financial markets, traditionally pillars of stability, wavered in the face of uncertainty, with investors seeking safe havens such as gold.

Although the first documented case dated back to November 2019, the international community did not fully grasp the threat until January.

Sharing the virus’s genetic sequence on January 10, 2020, marked a pivotal turning point, accelerating scientific research and opening the door to innovative solutions. Nevertheless, the rapid spread prompted the WHO to declare a Public Health Emergency of International Concern by the end of January.

Not until May 2023, after intense worldwide collaboration, was the WHO able to announce the end of the pandemic emergency. Still, the scars of this global upheaval remain, underscoring the importance of preparedness and international cooperation in tackling future global challenges.

In March 2018, the Trump administration launched a controversial trade dispute with China, imposing tariffs on $50 billion of Chinese goods. Officially justified by allegations of unfair trade practices and intellectual property theft by China, this decision sparked a chain of events with broad economic consequences.

Immediate effects included supply-chain disruptions, rising consumer costs, and falling market confidence. The conflict also spilled over into the tech sector, with restrictions targeting major Chinese companies such as Huawei.

China responded swiftly by introducing tariffs on various U.S. products, including soybeans, one of the main American exports. From then on, tensions escalated, with each side adopting new retaliatory measures.

Beyond highlighting economic and political divergences between the two nations, this trade escalation reshaped international commerce, raising pivotal questions about the future of global economic relations. The conflict marked a break from the trend of lowering trade barriers, stoking fears of a protectionist spiral with potentially destabilizing consequences for the global economy.

In 2017, the cryptocurrency market underwent a meteoric rise, a watershed year marked by unprecedented growth. Bitcoin reached record highs, while total crypto market capitalization surpassed $1 trillion.

This surge was fueled by a speculative wave that drew global investors, especially in countries like Japan and South Korea. The promise of significant returns and the growing popularity of cryptocurrencies as cutting-edge financial instruments attracted a broad base of retail investors. However, the enthusiasm did not last long.

In 2018, the market suffered a dramatic downturn: prices plunged, revealing the sector’s vulnerability to sudden swings. Nonetheless, it displayed resilience: between 2020 and 2021, prices soared again, capturing renewed media and investor attention.

Still, 2017 remains a pivotal moment in the history of digital currencies, characterized by rapid transformation and the sector’s capacity to recover and reach new heights in subsequent periods.

On June 23, 2016, the United Kingdom made a historic choice, holding a Brexit referendum that saw an exceptionally high turnout of 72.2% of eligible voters. The popular vote, albeit by a narrow margin, confirmed the country’s exit from the European Union.

• Geography of the vote: The electoral map revealed a divided nation, with England and Wales voting “Leave,” while Scotland and Northern Ireland voted to remain in the EU.
• Immediate political consequences: Political upheaval followed swiftly. Prime Minister David Cameron, who had campaigned for Remain, resigned, ushering in a period of political uncertainty. In March 2017, the UK government formally commenced divorce proceedings from the EU by invoking Article 50 of the Lisbon Treaty.
• Market effects: The economic impact was just as swift, with the British pound experiencing a historic collapse on currency markets. The pound’s devaluation triggered concerns over the UK’s economic stability and possible global repercussions.

Brexit represents a major turning point in UK-EU relations, with long-term outcomes still unfolding. This decision opened a new era for the United Kingdom, featuring both challenges and opportunities.

In 2015, China’s stock markets—especially in Shanghai and Shenzhen—experienced a significant crisis. The event was driven by two factors: signs of an economic slowdown and a speculative bubble in equity markets.

Between June 2014 and June 2015, share prices soared by around 150%, despite no corresponding increase in the profitability of listed companies. This disconnect between market valuations and economic fundamentals led to irrational speculation, foreshadowing a steep correction.

Beginning in June 2015, a downward spiral culminated on August 26, when the CSI 300 Index plummeted by about 45%. In response, Chinese authorities attempted to stem the crisis by banning major shareholders from selling and injecting liquidity via state funds. These measures, however, had only limited success.

This stock market crash also impacted the currency market, with a devaluation of the yuan (renminbi) in August. Intended to boost the competitiveness of Chinese exports, it added to global financial market tensions. Nonetheless, it is worth noting that China’s financial system, despite its vulnerabilities, remains relatively insulated from international markets, limiting the crisis’s global impact.

On January 15, 2015, the Swiss National Bank (SNB) ended a policy in place since September 2011: the so-called “peg” or minimum exchange rate of 1.20 Swiss francs per euro.
This threshold was intended as a shield for the Swiss economy, preventing an excessive appreciation of the franc, which would harm exports and the tourism sector.

However, maintaining this fixed rate had become increasingly costly. Diverging monetary policies between the European Central Bank (ECB) and the U.S. Federal Reserve were causing the euro to depreciate against the dollar, forcing the SNB to make massive interventions to support the peg by selling francs and buying euros.

The decision to abandon the minimum exchange rate came unexpectedly, triggering a major shock in currency markets. In a matter of minutes, the EUR/CHF rate fell by around 40%, hitting lows near 0.80 CHF to the euro. The impact was brutal for investors who had bet on the exchange rate’s stability, with many incurring substantial losses.

Simultaneously, the SNB announced a further reduction in negative interest rates on bank deposits at the central bank, bringing them down to -0.75%. The aim was to make the franc less attractive and ease upward pressure on the currency.

This episode highlights several points:

• The inherent difficulty of maintaining fixed exchange rates in an environment of growing economic and monetary divergences.
• The immediate and disruptive impact that central bank decisions can have on global financial markets.
• The importance of thoroughly assessing risks and opportunities when investing in currency markets, as even the safest strategies can be vulnerable to unforeseen events.

In 2011, the sovereign debt crisis cast a dark shadow over the euro area. The PIIGS countries (Portugal, Ireland, Italy, Greece, and Spain), weighed down by untenable public debt, found themselves on the brink of collapse. The crisis severely tested European banks—which were heavily exposed to these governments’ bonds—and triggered a wave of sell-offs in financial markets.

The situation worsened when Italian and Spanish bond yields began to soar. In October 2011, European leaders put together an emergency plan to prevent a meltdown: Greece’s debt was cut by 50%, and the European Financial Stability Facility (EFSF) was strengthened. Yet, for many countries, the price of stability was high: harsh austerity measures aimed at reducing deficits.

The crisis raised doubts about the euro area’s very survival and rattled global markets. Thanks to its geographical and economic proximity to Europe, Switzerland saw its currency, viewed as a safe haven, significantly appreciate. In August 2011, the EUR/CHF exchange rate nearly reached parity, prompting the SNB on September 6, 2011, to set a minimum exchange rate of 1.20 CHF per euro, protecting the Swiss economy from the strong franc.

The SNB maintained this policy until January 15, 2015, when it abandoned it in response to the ECB’s quantitative easing (QE) program. The sovereign debt crisis remains a crucial lesson on the fragility of financial systems and the importance of international cooperation in tackling economic turbulence.

On May 6, 2010, the U.S. stock markets experienced one of their most tumultuous moments in recent history: the “flash crash.” Within an incredibly short time span, the Dow Jones Industrial Average (DJIA) plummeted by more than 1,000 points—nearly 9%—before partially recovering.

Regulatory authorities identified several contributing factors. High-frequency trading algorithms magnified the impact of a large sell order for E-mini S&P 500 futures. Placed by Waddell & Reed Financial, this order set off a chain reaction that sped the decline.

The British trader Navinder Singh Sarao was also implicated, accused of helping to trigger the crash by using algorithms to manipulate the market. Working from his home in a London suburb, he allegedly employed “spoofing” techniques, placing massive sell orders that were later canceled, giving a false impression of bearish pressure.

The flash crash had immediate consequences, briefly wiping out $1 trillion in market capitalization. Shares of major companies like Procter & Gamble experienced steep declines before quickly bouncing back. The event rattled investor confidence and raised questions about market stability. Regulators responded by introducing new measures to prevent similar incidents, including “circuit breakers” that temporarily halt trading during extreme price swings.

The 2008 global financial crisis, a watershed event, left a lasting mark on the world economy. Originating in the United States, the turmoil quickly spread worldwide, revealing the weaknesses of a tightly interconnected financial system.

Several factors converged to create this disaster:

• An overheated U.S. housing market, with home prices pushed to unsustainable levels. This led to the proliferation of subprime loans—high-risk mortgages extended to borrowers lacking creditworthiness. When the housing bubble burst, banks were overwhelmed by massive losses.
• “Creative finance”: lenders packaged mortgages into complex financial instruments such as CDOs (Collateralized Debt Obligations) and CMOs (Collateralized Mortgage Obligations) and then sold them around the globe. This distributed risk throughout the financial system, causing widespread contagion.
• The turning point arrived in September 2008, when Lehman Brothers collapsed. The investment bank’s failure unleashed a wave of panic and a crisis of confidence, freezing credit markets and paving the way for a global recession.

The consequences were dire: economic contraction, declining consumer spending, and soaring unemployment. To avert a systemic collapse, governments and central banks undertook extraordinary measures, slashing interest rates and injecting massive liquidity into markets.

During these turbulent times, investors typically seek refuge in safe-haven assets. Currencies like the Swiss franc, considered particularly secure, rose in value. The 2008 crisis remains a bitter lesson on the need for tighter financial regulation and greater market transparency.

The 2003 invasion of Iraq, a military operation led by the United States, represented a turning point in the global order, with profound repercussions for the world economy. At first, financial markets reacted with cautious optimism, expecting a swift conflict. However, these hopes collided with the reality of a long and complex war.

European and American stock markets experienced significant setbacks, weighed down by the geopolitical uncertainty that overshadowed the global scene. Oil prices, a key economic indicator, soared, driven by fears of disruptions in Middle Eastern energy supplies. In this environment, investors turned to gold and bonds, traditionally considered safe havens in times of crisis.

The situation was further complicated by the weakness of the dollar against currencies such as the euro and the Swiss franc, which heightened market volatility. Growing U.S. military spending, combined with general geopolitical uncertainty, fueled pessimism about the global economic outlook.

Two decades later, the Iraq War still serves as a warning about the economic consequences of armed conflict. The invasion left a lasting imprint, affecting commodity prices and undermining investor confidence for years.

As Chinese General Qiao Liang noted, the war drove global oil prices up, boosting demand for dollars, with the price per barrel climbing from $38 to nearly $150.

In the summer of 2002, Wall Street was rocked by a massive financial earthquake: the WorldCom scandal. Once a telecommunications giant that had thrived during the internet bubble, the company collapsed under the weight of an $11 billion accounting fraud. This financial deception misled investors, destroyed an empire, and unleashed a wave of mistrust across the markets.

WorldCom’s tactic was both simple and striking: reclassifying ordinary expenses as long-term capital investments, thus artificially inflating profits and concealing its true financial condition. When the Securities and Exchange Commission (SEC) uncovered the wrongdoing, the entire facade crumbled.

WorldCom’s stock, which had once traded at $69, plunged to just a few cents. Within weeks, the company lost over $180 billion in market capitalization, wiping out the savings of countless investors. Confronted with such devastation, WorldCom had no choice but to file for bankruptcy, the largest in U.S. history at that time.

The scandal’s fallout extended beyond finance. Bernard Ebbers, WorldCom’s CEO, was found guilty of fraud and sentenced to 25 years in prison. To prevent future incidents, the U.S. Congress passed the Sarbanes-Oxley Act, a major reform of accounting and corporate governance designed to bolster internal controls, enhance transparency, and increase managerial accountability.

The WorldCom case became a symbol of financial excess, highlighting the need for vigilant oversight to protect investors and market stability. It remains a timely reminder of the importance of scrutiny and regulation.

In the annals of global finance, the Enron affair stands out as a hallmark of corporate fraud. Exposed in 2001, it shook the foundations of American capitalism and triggered an unprecedented wave of distrust in financial markets. At the heart of the scandal: Enron Corporation, an energy giant accused of engineering a highly complex accounting scheme to hide debt and inflate profits, aided by its auditing firm, Arthur Andersen.

The SEC launched an investigation in October 2001. From that moment, a domino effect became inevitable. Enron’s stock plummeted, and on December 2, 2001, the company declared bankruptcy.

The repercussions were severe. Arthur Andersen, engulfed by the scandal, collapsed. Enron executives faced charges of fraud and insider trading. In 2002, Congress passed the Sarbanes-Oxley Act, aiming to reinforce transparency and corporate accountability.

Although the scandal had no direct impact on the dollar–Swiss franc exchange rate, it left a deep mark on investor sentiment. The Enron case fostered a climate of heightened caution and skepticism in international financial markets at a time when confidence was already shaken by other crises.

Enron, which evaded a large portion of its taxes and artificially boosted earnings to keep its share price stable even in tough times, remains a reminder of systemic fragility and the need for constant vigilance.

September 11, 2001, marks a defining moment in U.S. and global history. On that day, 19 terrorists affiliated with al-Qaeda hijacked four commercial flights, intending to strike symbolic and strategic targets. Two aircraft crashed into New York’s Twin Towers, causing them to collapse within hours, while a third hit the Pentagon. The fourth plane, possibly bound for the White House or the Capitol, went down in a Pennsylvania field after passengers bravely tried to retake control.

The attacks claimed 2,977 lives and injured more than 6,000, radically transforming national security policies and redefining global geopolitical dynamics. In response, the United States launched a “war on terror,” leading to military interventions in Afghanistan and later in Iraq.

Though 9/11 did not have an immediate effect on the dollar–Swiss franc exchange rate, subsequent days saw increased market uncertainty, prompting many investors to seek safety in the Swiss franc, whose value rose between September 12 and 21, 2001.

September 11 remains deeply ingrained in the collective memory not only for its human tragedy but also for its lasting consequences on global security and the world economy. The U.S. response ushered in a new chapter in international relations and raised pressing questions about how to combat terrorism in an ever more interconnected world.

Between 1997 and 2000, financial markets—particularly in the United States—were swept up in the excitement surrounding internet-related technologies, giving rise to the dot-com bubble. This speculative frenzy, concentrated in tech companies, peaked on March 10, 2000, when the Nasdaq Index closed at a record 5,048.62 points. Yet the market entered a sharp downturn starting the very next day.

The situation changed when tech companies published financial statements revealing that many were not capable of generating profits, nor did they have viable plans to do so. This realization triggered a loss of investor confidence, leading to a massive sell-off, a steep decline in share prices, and the bursting of the bubble. Between March 2000 and October 2002, an estimated $5 trillion in market value was wiped out.

Although the dot-com crash did not cause immediate or dramatic shifts in the USD/CHF exchange rate, the Swiss franc—regarded as a safe-haven currency—may well have attracted increased interest from stability-seeking investors during this period of economic turmoil.

Several factors propelled this euphoria, including low interest rates and a 1997 law that lowered capital gains taxes, incentivizing investment. The promise of a “New Economy”, fueled by knowledge and technological innovation, further bolstered investor expectations, often leading to valuations disconnected from reality.

However, the bubble burst once it became apparent that many of these companies were not financially sound. The subsequent mass sell-off caused the Nasdaq to collapse and ended the run of numerous dot-coms. Some, like Amazon and eBay, survived and thrived, while many others disappeared altogether.

The euro, a single currency for a borderless Europe, was introduced in stages beginning January 1, 1999. On that historic day, eleven European Union countries—including Italy, Germany, and France—took a bold step by adopting the euro for financial transactions and accounting purposes. However, physical euro banknotes and coins were not yet in circulation.

Greece joined on January 1, 2001, bringing the number of eurozone states to twelve. But it was only on January 1, 2002, that the euro became a tangible currency, officially entering circulation in participating nations and coexisting with national currencies until February 28. For example, in Italy, the lira did not disappear immediately, thanks to a dual-circulation period easing the transition.

Over subsequent decades, the eurozone gradually expanded to include countries such as Slovenia, Cyprus, Malta, Slovakia, Estonia, Latvia, Lithuania, and most recently Croatia in 2023. Today, twenty EU member states use the euro as legal tender.

The path toward the euro began with the Maastricht Treaty of 1992, which established economic convergence criteria that countries had to meet to adopt the single currency. Known as the Maastricht criteria, these included limits on public deficits, public debt, inflation, and interest rates.

Between 1999 and 2002, the introduction of the euro deeply influenced European financial markets, but did not cause significant fluctuations in the Swiss franc (CHF) exchange rate nor require direct intervention by the Swiss National Bank (SNB). During this period, the USD/CHF pair remained relatively stable, with no major monetary policy adjustments.

The official birth of the euro occurred on January 1, 1999, with a statement from the EU Council of Ministers, although people had to wait until 2002 to use it in the form of bills and coins.

August 1991: the attempted coup that shook the Soviet Union and reshaped the global geopolitical scene. Although it failed to overthrow Mikhail Gorbachev, it hastened the USSR’s demise and redrew the map of Eastern Europe.

Central to this coup attempt was opposition to Gorbachev’s economic and political reforms, known as perestroika (restructuring) and glasnost (openness). These reforms, designed to liberalize the economy and reduce censorship, faced staunch resistance from regime conservatives keen to protect their power.

The State Committee on the State of Emergency (GKChP), formed by eight high-ranking Soviet officials, tried to seize control of the country while Gorbachev vacationed at his dacha in Crimea. However, the coup swiftly collapsed, as key military units refused to obey the plotters. Boris Yeltsin, then president of Russia, played a decisive role by leading the resistance from the Russian parliament (the “White House”).

The coup’s failure had immediate consequences:

• Yeltsin solidified his authority, emerging as the dominant leader of post-Soviet Russia.
• The Communist Party of the Soviet Union (CPSU) was outlawed, speeding the dissolution of central Soviet institutions.
• The republics that made up the USSR declared independence, driving the Union toward dissolution.

The final blow was struck on December 8, 1991, when Russia, Ukraine, and Belarus signed the Belavezha Accords, officially ending the USSR. The Soviet Union was formally dissolved on December 26, 1991, after the remaining republics joined the agreement.

Despite its failure, the August 1991 coup attempt was a pivotal moment in Soviet history, accelerating the processes that led to the emergence of new independent states and the end of the Cold War.

More than thirty years ago, the world watched live coverage of the First Gulf War, a conflict that shaped Middle Eastern history and had a profound impact on the global economy. The trigger was Iraq’s invasion of Kuwait under Saddam Hussein on August 2, 1990.

Having just emerged from a brutal war with Iran (1980–1988) that had drained the country’s finances, Saddam Hussein sought Kuwait’s substantial oil reserves and laid claim to territories he considered historically part of Iraq. He also accused Kuwait of exceeding its OPEC production quotas, further harming Iraq’s economy.

In response to the invasion, the United Nations issued an ultimatum demanding the withdrawal of Iraqi forces by January 15, 1991. When that deadline passed without compliance, an international coalition led by the United States launched Operation Desert Storm on the night of January 16–17, 1991, starting with a massive air campaign followed by ground operations on February 23. The coalition’s technological superiority proved decisive, swiftly liberating Kuwait.

The conflict significantly affected the global economy in two key ways:

• Oil instability: the crisis sparked a surge in oil prices, as markets worried about supply disruptions from the Persian Gulf.
• High military spending: the U.S. and its allies incurred substantial costs, straining national budgets.

On February 28, 1991, U.S. President George H. W. Bush declared a formal cease-fire, ending hostilities. The First Gulf War marked a turning point in Middle Eastern politics, leading to a permanent U.S. military presence in the region and paving the way for further crises.

As Nicola Pedde of the Institute of Global Studies remarked, problems in the Persian Gulf remain unresolved, and the region appears headed into another highly critical phase. Some estimates suggest that the war caused at least 300,000 deaths—mostly among Iraqi civilians—and severe environmental damage from oil well fires.

On November 9, 1989, the world witnessed the fall of the Berlin Wall, an event of monumental significance that symbolized the end of the Cold War and the start of German reunification, with substantial repercussions for global currency markets.

The fuse was lit by the severe political and economic crisis gripping East Germany, where growing public demonstrations demanded sweeping reforms. The situation had already been strained by Hungary’s decision to open its border with Austria, enabling East Germans to flee westward. The East German government’s surprise announcement allowing its citizens to leave without special permits sparked a mass surge at border checkpoints, forcing guards to step aside and open the gates.

The fall of the Wall accelerated European integration, setting the stage for the creation of the European Union as it exists today.

In currency markets, the event had a positive effect, bringing greater economic stability to Central and Eastern Europe. The newly opened borders spurred increased financial flows between Western and Eastern Europe, boosting investment and international trade. Reduced geopolitical uncertainty fostered a more favorable climate for global investment.

The fall of the Berlin Wall remains a crucial milestone in modern history, profoundly shaping currency markets through enhanced European economic integration and diminished geopolitical tension. As then-German Chancellor Helmut Kohl said two weeks after the Wall fell, it was a moment that had divided a city, a nation, and a continent.

In September 1985, the world’s leading economic powers met at New York’s Plaza Hotel to sign an agreement that would make its mark on international finance: the Plaza Accord. The United States, Japan, West Germany, France, and the United Kingdom (the G5, later joined by Canada) decided to work together to curb the U.S. dollar’s strength, which was deemed unsustainably high.

Reasons behind the accord
During the 1980s, the dollar had risen dramatically against other major currencies, such as the Japanese yen and the German mark. This surge dealt a severe blow to U.S. exports, undermining the competitiveness of American products overseas. Key American industries—automotive, high-tech, and others—felt the squeeze from foreign competition.

Strategy and effects
The Plaza Accord called for coordinated intervention in currency markets. The central banks of the participating nations committed to selling dollars on a massive scale, totaling an estimated $10 billion, to drive down its value. The plan succeeded: over the next two years, the dollar declined significantly against the yen, which appreciated by more than 50%.

While the Accord partially reduced the U.S. trade deficit with Western Europe, it did not have the desired effect with Japan, owing to structural barriers that restricted American products in Japanese markets. Japan also maintained various import limitations.

A new approach to currency management
The Plaza Accord represented a turning point in global exchange rate policies. For the first time, the world’s largest economies worked in concert to influence currency values. By coordinating their actions—and planning carefully to avoid panic—they helped stabilize the international financial system.

However, the stronger yen produced unforeseen consequences for Japan’s economy. Expansionary monetary policies, designed to counteract the slowdown in a heavily export-dependent economy, led to a speculative bubble in the late 1980s. During the 1990s, Japan faced the “lost decade” of deflation and economic stagnation.

The 1979 Iranian Revolution stands out as one of the 20th century’s most pivotal events, transforming the centuries-old Persian monarchy into an Islamic Republic and redrawing geopolitical balances in the Middle East. The revolutionary movement emerged amid a deep political and economic crisis, as the population grew increasingly discontented with the authoritarian rule of Shah Mohammad Reza Pahlavi. Formally starting in January 1978, the protests united nationalists, Marxists, and Islamists, all rallying behind the charismatic figure of Ayatollah Ruhollah Khomeini. Exiled first in Iraq and then in Paris, Khomeini stirred resistance through recorded messages that were circulated covertly inside Iran.

Tensions peaked with Khomeini’s triumphant return to Tehran on January 31, 1979, two weeks after the Shah fled. His arrival energized the masses and further weakened the provisional government led by Shapour Bakhtiar, which failed to maintain control. On February 11, 1979, the army withdrew its support, effectively ending the monarchy and paving the way for Khomeini to become Supreme Leader. The process concluded with a national referendum held between March and April 1979, in which about 98% of voters approved the establishment of an Islamic Republic. The new theocratic constitution took effect in December, instituting a system governed by Sharia law and the Shiite clergy.

This revolution had major repercussions not only for Iran but also for the global economy. As unrest escalated, Iran’s oil production plummeted, contributing to an international energy crisis and driving up oil prices. Regionally, the creation of a theocratic regime heightened political instability in the Middle East, feeding tensions that would shape geopolitics for decades.

The Iranian Revolution was not merely a national phenomenon: it turned Iran into a pivotal player in international politics and left a legacy still influencing the modern world.

The 1973 Arab-Israeli conflict—also known as the Yom Kippur War or the October War—lasted from October 6 to October 25, 1973, and represented a watershed not just for Middle Eastern geopolitics but also for the global economy and currency markets. The fighting pitted an Arab coalition, primarily Egypt and Syria, against Israel. It began with a surprise offensive launched during the Jewish holiday of Yom Kippur. Led by Anwar el-Sadat, Egypt aimed to reclaim lands lost during the Six-Day War in 1967.

Initially caught off guard, Israel faced an Egyptian advance in the Sinai across the Suez Canal and a Syrian offensive on the Golan Heights. However, the Israeli counterattack pushed Syrian forces back and penetrated Egyptian territory.

Beyond the military outcome, the war had major economic ramifications. OPEC member countries, showing solidarity with Egypt and Syria and protesting Western support for Israel, drastically cut oil production. This move drove a spike in oil prices, which tripled in 1973.

The surge in energy costs triggered global inflation, hitting Western industrialized nations particularly hard, including the transport sector. The oil crisis exposed Europe’s vulnerability to fluctuations in the U.S. dollar, in which oil was primarily denominated. To hedge against currency instability, European economies established the “European currency snake,” an attempt to stabilize exchange rates relative to the Deutsche mark.

Ultimately, the Yom Kippur War did not produce a decisive military conclusion but ushered in a new era marked by energy shocks and geopolitical uncertainty. While it failed to definitively alter the regional balance of power, it proved a political success for Arab states, highlighting the limits of Israel’s military superiority.

The Vietnam conflict (1959–1975) remains not only one of the 20th century’s most controversial wars but also an event with profound global economic repercussions. What began as internal strife between communist North Vietnam—backed by China and the USSR—and South Vietnam—supported by the United States—quickly escalated into all-out war.

American involvement intensified from February 1965 onward, with greater troop deployments peaking at over 550,000 in 1969. Yet despite superior U.S. technology and financial resources, North Vietnamese forces and the Viet Cong maintained their offensive via guerrilla tactics and backing from allies.

The war’s economic impact extended far beyond Southeast Asia. The massive U.S. military spending contributed to rising inflation, weakening the country’s financial stability. Mounting fiscal pressures and budget deficits revealed the fragility of the Bretton Woods fixed exchange rate system, which collapsed in 1971 when the U.S. ended dollar convertibility into gold.

America’s final troop withdrawal culminated in the fall of Saigon on April 30, 1975, marking one of the greatest defeats in U.S. military and political history. With Vietnam unified under communist rule, it became a symbol of the failure of American interventionism, with consequences reverberating in U.S. economic and diplomatic strategies for years.

The 1956 Suez Crisis was a pivotal moment in global geopolitical and economic relations, accelerating the decline of British and French colonial influence and bolstering the United States’ economic and financial leadership. The conflict erupted on July 26, 1956, when Egyptian President Gamal Abdel Nasser announced the nationalization of the Suez Canal Company, previously under Franco-British control. Nasser aimed both to secure direct authority over a strategic asset and to fund the Aswan Dam project, strengthening his leadership role in the Arab world.

A joint military operation by France, the UK, and Israel—launched on October 29, 1956, with Israel’s invasion of the Sinai and subsequent French and British bombings—proved a strategic blunder with steep economic costs. Strong international opposition, especially from the United States and the USSR, forced the Anglo-French forces to withdraw by December.

The economic fallout was immediate and extensive. The UK endured a sterling devaluation, worsened by the U.S. threat to offload its British currency reserves if London refused to back down. Geopolitical uncertainty fueled a rush into gold, regarded as a safe haven, driving up its price. Moreover, the crisis spotlighted instability in the international monetary system and hastened the economic decline of Europe’s colonial powers, clearing the way for a U.S.-centered global order.

The Suez Crisis was not merely a military episode but a turning point for the world economy, sealing the end of British and French economic preeminence, affirming the dollar’s role as the dominant currency, and setting the stage for a new phase of international economic relations increasingly shaped by postcolonial dynamics.