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The Swiss franc traded near 0.78 per USD, remaining close to historic highs as investors balanced rising safe-haven demand amid escalating Middle East tensions against the risk of Swiss National Bank intervention and subdued inflation. The conflict intensified after Beirut was struck by Israel on Friday following an unprecedented evacuation of the Lebanese capital’s southern suburbs, marking a major expansion of its war with Iran, launched a week earlier alongside the US. Meanwhile, Donald Trump said Washington should play a role in selecting Iran’s next supreme leader after the reported death of Ali Khamenei. At the same time, Swiss National Bank Vice-President Antoine Martin reiterated the central bank’s readiness to intervene to curb excessive franc appreciation, citing the complex geopolitical backdrop. Earlier this week, data showed Swiss inflation held at 0.1% in February, slightly above forecasts of a 0.1% decline and still at the lower bound of the SNB’s 0–2% target range.

The Swiss franc traded around 0.78 per USD, close to historic highs, as investors weighed geopolitical tensions against potential SNB intervention and muted inflation data. The New York Times reported that, a day after recent attacks began, operatives from Iran’s Ministry of Intelligence indirectly contacted the CIA, offering to discuss terms for ending the conflict. However, officials familiar with the outreach expressed skepticism that either the Trump administration or Iran is immediately prepared for a diplomatic “offramp.” Meanwhile, Swiss National Bank Vice-President Antoine Martin reaffirmed the central bank’s heightened readiness to intervene to curb excessive franc appreciation, citing the complex geopolitical landscape. Swiss inflation remained at 0.1% in February for the third consecutive month, slightly above forecasts of a 0.1% fall and at the lower bound of the SNB’s 0–2% target, keeping policymakers cautious amid deflation risks.

The Swiss franc depreciated toward 0.787 per USD, reaching the lowest level since January 22, amid a firmer US dollar and due to the prospect of possible interventions to weaken the currency. The Swiss National Bank said on Monday that, in view of the international situation, it is increasingly prepared to intervene in foreign exchange markets to counter rapid and excessive appreciation of the franc, which would compromise price stability in Switzerland. The franc’s remarkable ascent against major currencies has been fueled by safe-haven flows from ongoing geopolitical tensions. A stronger franc helps curb imported inflation but strains Switzerland’s export-driven economy. Swiss inflation held at 0.1% in January, remaining at the lower end of the SNB’s 0–2% target and in line with the bank’s Q1 outlook. Investors now await February CPI data due on March 4, with analysts forecasting a 0.1% decline in the CPI.