Swiss Franc, Yen, Euro Gain Against U.S. Dollar

The U.S. dollar has slumped against other major currencies as President Donald Trump's tariffs suppress demand.

The Swiss franc—bolstered by Switzerland’s neutrality and stable financial system—has appreciated more than 9% against the dollar.

Haven currencies, export-driven economies, and commodities stand to benefit from its decline, Theron Mohamed reported for Business Insider.

The dollar, long considered the bedrock of global finance, has weakened by nearly 10% from its mid-January peak to a three-year low against a basket of major currencies. A key factor has been Trump’s aggressive tariff policies, which have reignited inflation fears, heightened recession concerns, and shaken investor confidence.

The dollar’s decline has diminished consumers’ purchasing power and increased import costs for businesses, while simultaneously making U.S. exports more competitive. The ripple effects are being felt globally, as the dollar remains the world’s reserve currency, used in trade for goods, services, commodities, and derivatives.

Other currencies have gained as a result.

The Swiss franc—bolstered by Switzerland’s neutrality and stable financial system—has appreciated more than 9% against the dollar. The Japanese yen, supported by low inflation and strong bond demand, has also risen over 9%.