The USD is mostly higher once again with the biggest gains vs the risk-off currencies – the AUD and NZD. Stocks are lower with the Nasdaq down about -330 points. Yields are lower adding to risk-off/safety bias.
In the video above, I take a look at the 3 major currency pairs – the EURUSD, USDJPY and GBPUSD – from a technical perspective. The EURUSD is down -0.33% (higher USD) for the 5th consecutive day, while the GBPUSD is lower by -0.62% (higher USD). The USDJPY is also lower (but lower vs the greenback), by -0.43%.
The oral arguments for the Supreme Court on tariffs are to be presented on Wednesday. Then comes the decision at a later date.
The Supreme Court does not have a fixed “due date” for its decisions. However, for a case argued in November, a decision would typically be expected sometime in the first half of 2026, likely between January and June. Although the speculation is the decision is expected “early next year” (2026).
Swiss National Bank officials were speaking today, and maintained a cautious but steady tone in their latest remarks. Chairman Schlegel reiterated that inflation is expected to rise slightly in the coming quarters, while acknowledging that U.S. tariffs are weighing on global growth. He emphasized that the SNB is likely to stay on hold for an extended period, with the bar for returning to negative interest rates remaining very high, requiring major economic shocks to justify such a move. Policymaker Petra Tschudin echoed this stance, saying current rates are appropriately low to keep inflation within the 0–2% stability range, and that the SNB does not aim for lower inflation. She added that the exchange rate’s movement and its effect on inflation are more important than its absolute level, and confirmed that FX interventions remain an available tool if needed.
The commentary from the SNB was decidedly not dovish. Policymakers signaled that any rate-cut path will be very gradual, emphasizing that there will likely be a prolonged on-hold period before any easing begins. The inflation forecast was also telling: it’s expected to return to the midpoint of the target range only by the end of 2027, reinforcing the message that policy normalization will move at a cautious, deliberate pace.
Looking at the US stock market, the
- NASDAQ index is down -332 points
The USD is mostly higher with some risk off bias
