Mitsubishi UFJ: Swiss Franc rises, increasing pressure on Swiss National Bank to take action.

Lee Hardman of Mitsubishi UFJ Financial Group said that on Tuesday, safe-haven currencies like the Swiss franc rose to their highest levels in over a decade against the US dollar and the euro, putting pressure on the Swiss National Bank to take action. The central bank may intervene in the foreign exchange market or bring interest rates into negative territory. US President Trump made comments implying that he is not concerned about a weak dollar, leading to a sharp drop in the dollar towards the end of Tuesday, with the Swiss franc being the main beneficiary. "If the Swiss franc continues to strengthen, given that Switzerland's inflation rate is far below target, this will increase the pressure on the Swiss National Bank to take action," said Hardman. Data from the London Stock Exchange Group showed that by the end of Tuesday, the dollar fell to 0.7603 Swiss francs and the euro fell to 0.9163 Swiss francs.