Swiss franc hits record high against euro on U.S. tariff deal hopes

Investing.com -- The Swiss franc reached a record high against the euro on Friday, driven by hopes that the United States and Switzerland will reach an agreement to reduce the 39% U.S. tariffs on Swiss goods.

The euro dropped to a low of 0.9185 francs, down 0.4% on the day.

According to a Reuters report, details of a potential deal could emerge as early as Friday. The report cited comments from Richemont Chairman Johann Rupert, who met with Trump last week.

The Swiss currency also gained strength from its safe-haven status amid broad-based risk aversion in markets. Market sentiment has been negatively affected by uncertainty surrounding delayed U.S. official data following the government’s reopening.

Additionally, doubts about another interest-rate cut by the Federal Reserve, following recent remarks from policymakers, have contributed to the cautious market environment benefiting the franc.

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