The Swiss franc strengthened 0.5% to just below 0.80 per USD, holding close 2011-highs, as US President Donald Trump’s latest tariff threats against Europe over Greenland drove demand for the safe-haven currency.
Over the weekend, Trump announced plans to impose an additional 10% import tariff from February 1 on goods from eight European nations, to remain in place until the US is allowed to purchase Greenland from Denmark.
Major EU states reacted sharply to the threats, with France and others calling them blackmail and considering a range of unprecedented economic countermeasures.