The Swiss franc traded slightly above 0.80 per USD, but remained close to 2021-highs, supported by expectations of no imminent cuts by the Swiss National Bank (SNB). Market participants still place their bets on the SNB keeping its policy rate at 0% in December amid forecasts of rising inflation. The franc also benefits from a new tariff agreement between the Swiss government and the Trump administration, which cut the US tariff from 39% to 15%. The deal is expected to support the economy’s recovery following the tariff-induced contraction in Q3. Meanwhile, safe-haven demand eased on relief from Nvidia’s strong results and hopes for a peace deal to end the war in Ukraine, though investors remained cautious ahead of the delayed US economic data that could influence the Fed’s next moves.