SNB MINUTES SHOW EXTRA RISKS FROM TRADE POLICY AND CURRENCY CHANGES.

The Swiss National Bank's published minutes flag additional risks to the economic outlook stemming from trade policy and from movements in the currency, signaling that policymakers see both as downside factors for growth and inflation. The primary transmission channel runs through the franc: a stronger currency lowers imported price pressure and tightens financial conditions for exporters, which feeds into the central bank's inflation assessment and its willingness to keep policy accommodative. Swiss export-oriented manufacturers, particularly in pharmaceuticals, machinery, and precision instruments, are most exposed to tariff escalation and to franc appreciation eroding their price competitiveness in foreign markets. Traders should watch the next Swiss CPI release and any SNB foreign-exchange intervention commentary, as either would clarify whether the currency concern is shifting the balance of inflation risks.

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