USD/CHF eases from 0.7980 following the release of the SNB minutes

• The US Dollar eases from session highs at 07980 against the Swiss Franc but maintains its bullish trend intact.
• The SNB minutes downplay deflationary pressures and rule out negative interest rates.
• Swiss economy remains resilient, despite US trade tariffs, according to the minutes.

The US Dollar remains firm against the Swiss Franc. Still, the pair eased moderately to session highs, at 0.7980, as the Swiss National Bank downplayed deflationary pressures in the minutes of their last monetary policy meeting.

The SNB kept its benchmark interest rate unchanged at 0% and ruled out speculations about pressures to ease its monetary policy further, as, according to the minutes, the inflationary pressures in the economy are not expected to be persistently negative.

The bank, however, highlights the increase in US tariffs as well as the developments of global demand as the main challenges for the Swiss economy, although the economic outlook is not giving reasons for concern at the moment, with most economic indicators pointing to moderate growth.

The release of the minutes has provided a mild impulse to the Swiss Franc. The US Dollar had been crawling higher until then, supported by a moderate risk aversion amid new trade frictions between the US and China, following US President Trump's announcement of new restrictions on software exports to the Asian country.