CHF/NOK settles below 2 1/2-week high, posts weekly loss

The CHF/NOK currency pair settled below recent high of 12.5728, its strongest level since September 9th, in the wake of the Swiss National Bank’s policy decision.

The Swiss National Bank left its policy rate without change at 0% at its September 25th meeting, in line with market consensus. This way, borrowing costs remained at their lowest level since August 2022.

Inflationary pressure has remained subdued, as inflation picked up to 0.2% in August from -0.1% in May, propelled mostly by tourism and imported goods.

The central bank now forecasts average inflation at 0.2% for 2025, at 0.5% for 2026 and at 0.7% for 2027.

Elsewhere, the seasonally adjusted unemployment rate in Norway has risen to 4.9% in August from 4.5% in July.

The number of unemployed persons rose by 16,000 from a month ago to 152,000.

On the global trade front, US President Donald Trump announced a new round of tariffs on imported drugs, trucks and furniture, which will take effect on October 1st.

The exotic Forex pair lost 0.10% for the week.