The Swiss franc is standing out as a safe haven against the new Trump tariffs, with a significant appreciation against the major G10 currencies. This is due to Switzerland's political and fiscal stability, as well as its predictable monetary policy.

*Strengths of the Swiss franc:*

- *Political and fiscal stability*: Switzerland is known for its political and fiscal stability, which makes it a safe refuge for investors.
- *Predictable monetary policy*: The Swiss National Bank (SNB) has a predictable monetary policy, which helps maintain the stability of the Swiss franc.
- *Low level of indebtedness*: Switzerland has a low level of indebtedness, making it less vulnerable to economic fluctuations.

However, it is important to note that the SNB may intervene in the market to curb excessive appreciation of the Swiss franc, which may introduce unexpected volatility ¹ ².