Swiss Pres. Keller is speaking after the US imposed a 39% tariff on Switzerland imports:

  • The government disappointed by US tariff imposed on country.
  • Previous talks had been very constructive, 39% tariff is much higher than what was negotiated.
  • US tariffs will have very bad effect on Swiss economy.
  • Although pharmaceuticals not affected, US tariffs are very bad for Swiss machinery watch sectors.
  • Swiss government staying in touch with US side, has already made contact.
  • Switzerland already has no industrial tariffs, and has pledged investment in the US.
  • Very difficult for Switzerland to offer more concessions to the US.

The USDCHF has come off as a result of the weaker than expected US jobs report. The high price today extended up toward the 50% midpoint at 0.81732 ahead of the report. But the weaker data as push the price sharply lower and back below the rising 100 hour moving average at 0.80856. A swing area between 0.8054 and 0.80628 is also being reached. The rising 200 hour moving average comes in at 0.80159.

Source: Forex Live