The Swiss franc continued to appreciate toward 0.79 per USD, holding close to its highest since July 2011, boosted by safe-haven demand amid lingering global economic uncertainty despite the end of the US government shutdown. The currency also remained supported by expectations of accelerating domestic inflation. SNB officials have expressed confidence that inflation will increase in the coming quarters, with Vice President Antoine Martin noting recently that it “is expected to rise slightly,” reducing expectations of a return to negative rates. The potential deal to cut US tariffs on Swiss exports from a crippling 39% to 15% is seen as a stabilizing factor for the Swiss economy and gave an additional boost to the franc.