Dollar Hits Decade-Low Against Swiss Franc as Market Confidence Wavers

The U.S. dollar plunged to a ten-year low against the Swiss franc on Friday, as global investors scrambled for safer assets amid growing doubts about the direction of the American economy and White House trade policies. The flight to safety also boosted gold to a record high, and pushed the yen and euro sharply higher.

Markets reacted swiftly after Wall Street’s brief rally reversed course, triggered by President Donald Trump’s sudden pause on new tariffs. The 90-day delay excluded China, and Trump simultaneously raised tariffs on Chinese imports to a staggering 145%, intensifying economic tensions with Beijing.

The dollar tumbled 1.2% to 0.8140 Swiss francs — a level not seen since January 2015 — and 1.1% against the yen, sinking to 142.88. The euro surged to $1.1385, reaching its strongest level since February 2022. Meanwhile, the dollar index briefly dropped below 100, its lowest point since mid-2023.

Gold soared to an all-time peak of $3,219.84 per ounce, as traders sought refuge from increasing market turbulence. U.S. 10-year Treasury yields spiked nearly 10 basis points early Friday, heading for their biggest weekly increase since 2001 as investors sold off long-term government bonds.

The Chinese yuan, after hitting an all-time low earlier this week, rebounded slightly. China’s central bank raised its daily guidance rate for the first time in a week, signaling a controlled approach to currency flexibility.

Analysts say the inconsistent tariff messaging from the White House is eroding investor trust, making it difficult for businesses and markets to plan. As one strategist noted, the market reaction is beginning to resemble a broader no-confidence vote in U.S. economic leadership.