SNB may tolerate EUR/CHF down near 0.95 during 2024 – ING

The Swiss Franc (CHF) has proven to be the strongest G10 currency in the world this year. Economists at ING analyze EUR/CHF outlook.

2025 is when EUR/CHF will turn higher

We think the SNB may tolerate EUR/CHF down near 0.95 during 2024 while it is still concerned with 2%+ inflation. 

Into 2025, however, Swiss CPI should be dropping below 2% and the SNB will be more open to listening to Swiss exporters that the Swiss Franc is too strong. 2025 is our preliminary estimate for when EUR/CHF turns higher.