• USD/CHF rises as the US Dollar gains following US airstrikes on Iran over Strait of Hormuz ship attacks.
• Iran’s joint military command denounced the attacks on southern Iran as blatant aggression, promising a crushing military response.
• Switzerland’s 10-year yield edges above 0.34%, tracking higher global borrowing costs as surging oil prices reignite inflation fears.

USD/CHF extends its gains for the third successive day, trading around 0.8090 during the Asian hours on Wednesday. The pair appreciates as the Greenback receives support from safe-haven demand amid renewing geopolitical tensions. US airstrikes against Iran came in response to Iranian attacks on commercial vessels in the crucial Strait of Hormuz, including a Qatari LNG carrier and a Saudi oil tanker.

Reacting to recent US airstrikes, Iranian Parliament Speaker Mohammad Bagher Ghalibaf warned that the era of bullying and extortion has ended and insisted that Iran will not fold under pressure. Meanwhile, the country’s top joint military command denounced the attacks on southern Iran as blatant aggression, promising a crushing military response. Defiant over the strategic waterway, Tehran reaffirmed that it will block any US interference regarding the control and management of the Strait of Hormuz.

However, the upside of the US Dollar could be restrained due to cooling rate-hike expectations, a shift triggered by last week’s weaker-than-expected Nonfarm Payrolls (NFP) data. According to LSEG data, market pricing for total Fed rate increases by December has dropped to roughly 26 basis points, down significantly from the 38 basis points projected just a week ago.

Switzerland’s 10-year government bond yield edged above 0.34%, tracking a global rise in borrowing costs as surging oil prices reignited broader inflation concerns. This uptick comes despite domestic Swiss inflation slowing to 0.5% in June, marking its first decline in eight months and remaining well within the Swiss National Bank’s (SNB) 0–2% target range. The economic backdrop was further supported by the labor market, as Switzerland’s non-seasonally adjusted unemployment rate fell to 2.9% in June 2026, dropping below the 3.0% seen in the previous two months and beating market forecasts of 3.1%.

Meanwhile, the International Monetary Fund (IMF) recently urged the SNB to maintain flexibility, advising the central bank to stand ready to either tighten policy or slash interest rates into negative territory should stagflation risks materialize. In response, the Swiss central bank reaffirmed its ongoing commitment to currency market interventions to maintain economic stability.

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