The Swiss franc has risen sharply due to safe-haven demand.

As the Middle East conflict boosts safe-haven assets, the Swiss franc against the euro rose to its highest level since the Swiss National Bank abandoned its exchange rate peg policy in 2015. US President Trump and Israel have launched attacks on Iran, and Iran has responded with strikes in the Middle East. Thu Lan Nguyen of Deutsche Bank stated in a report that the Swiss franc is the ultimate safe-haven currency. She said this partly reflects the erosion of the status of other traditional safe-haven currencies, including the US dollar affected by the erratic US policy, and the Japanese yen affected by fiscal issues. She also said that the Swiss National Bank has limited space to weaken the Swiss franc. Data from the London Stock Exchange Group shows that the euro fell to a low of 0.9032 Swiss francs.