The frank warning from Switzerland on the US dollar

SPARE a thought for the plucky Swiss National Bank (SNB), which finds itself at the sharp end of US President Donald Trump’s dollar drama.

The Alpine central bank, protector of one of the big three haven currencies in the global financial system, wears the scars of several fierce market battles over the years, generally not of its own making. Today’s franc fracas is particularly tricky.

The problem is that the US currency has been rather friendless in the opening weeks of 2026. One reason is that US interest rates have been heading lower, and are likely to head lower still, in contrast to other big economies.