As of: 30.10.2026, 18:00 (Zurich time). Exchange rates are ECB euro reference rates, set daily around 16:00; bank and card rates differ.
The short version
A euro cost CHF 0.9194 on Friday, according to the European Central Bank's reference rate, the last one of October. On 30 September it cost CHF 0.9478, the highest level of the year. That is a drop of 3.0% in one month, or, seen from Switzerland, a franc that gained about 3.1% against the euro.
By ECB month-end reference rates, it is the franc's biggest monthly gain against the euro since December 2023 (our calculation). The euro is now at its lowest level since early July and has given back its entire climb since the end of June, when it stood at CHF 0.9224.
The main driver sits next door: worries about France's public finances.
Why the franc jumped
For most of the summer, the franc was out of favour. The SNB kept its policy rate at 0% while the European Central Bank and the US Federal Reserve raised theirs, which made the franc a cheap currency to borrow in. That changed abruptly at the start of October. Doubts about France's ability to rein in its debt ahead of next year's presidential election pushed investors back into the franc as a safe haven. It rose about 1.8% in just two days, and trading volumes on 1 October were roughly four times this year's average, according to CME Group data cited by Bloomberg via swissinfo.
The pressure did not let up. On 22 October the euro fell below 92 centimes for the first time since early July, and the gap between French and German ten-year government bond yields reached almost 1.7 percentage points, the widest in 15 years, cash.ch reported. On Friday the ECB reference rate set a new low for the month.
EUR/CHF at month-end, CHF per euro. Lower means a stronger franc. Source: European Central Bank reference rates
For perspective: this is not a record. The lowest ECB reference rate since the euro's launch was CHF 0.9008, set on 9 March this year (ECB data). The franc is strong, but it was stronger in spring.
Against the dollar the move was smaller. Using the ECB's euro rates for both currencies, a dollar cost about CHF 0.835 at the end of September and about CHF 0.823 on Friday, a drop of roughly 1.4% (our calculation).
What it means for people holding francs
Holidays and shopping across the border: a EUR 1,000 holiday budget cost CHF 947.80 at the end of September and CHF 919.40 today, CHF 28.40 less. A EUR 200 shop in Konstanz or Como now costs about CHF 184 instead of CHF 190. Card and cash rates include a margin, so your bank's rate will be a little worse.
Savings in euros or dollars: the reverse is true. EUR 10,000 was worth CHF 9,478 a month ago and CHF 9,194 today, CHF 284 less in francs. USD 10,000 lost about CHF 117 in franc terms.
Foreign shares and funds: for Swiss investors, a stronger franc reduces the franc value of foreign holdings unless the currency risk is hedged.
Exporters and jobs: a Swiss firm selling EUR 1 million of goods now receives CHF 919,400 when it converts the money, CHF 28,400 less than a month ago. Over time, that squeezes margins or forces price increases abroad.
Prices at home: a stronger franc makes imports cheaper, which tends to hold inflation down. Swiss inflation was 1.0% in September, according to the Federal Statistical Office, pushed up mainly by oil products.
What October's move means in francs. Source: ECB reference rates 30.09. and 30.10.2026, The Franc calculation
The economy is still holding up
The franc's jump came as the Swiss outlook cooled slightly. The KOF Economic Barometer, published on Friday, fell 1.5 points to 107.6 in October after several months of increases, the KOF Swiss Economic Institute at ETH Zurich said. It remains above its medium-term average, and KOF still calls the outlook "robust". Foreign demand and consumer spending weakened slightly, and indicators for financial services dampened the index. Manufacturing was the bright spot, with the outlook for exports and production improving. Analysts had expected 108.3, according to Trading Economics.
What the SNB has said
The Swiss National Bank's last decision predates the rally. In September it left the policy rate at 0%, and its summary of the discussion, published on 22 October, noted that the franc had weakened by about 3% in trade-weighted terms since June and that there had been "little safe-haven demand" for it. The SNB said it remains "willing to be active in the foreign exchange market as necessary", but that "an increased willingness to intervene is no longer necessary in the current environment."
October has now reversed much of that weakening against the euro. Whether this changes the SNB's view will become clear at its next monetary policy assessment on 10 December 2026. Market forecasts vary: private bank UBP has said rates of just under 90 centimes per euro are possible in the medium term, while Commerzbank expects about 91 centimes in a year, according to reports by Keystone-SDA and Bloomberg. These are forecasts, not certainties.
The backdrop as of 30.10.2026. Sources: SNB, FSO, KOF Swiss Economic Institute
What to watch next
France's 2027 budget process and the gap between French and German bond yields, the main driver of this move.
Swiss inflation for October, due from the FSO in early November. A stronger franc tends to push imported prices down.
SECO's first estimate of third-quarter GDP, due on 16 November.
Weekly SNB sight deposit data for any sign of currency market activity, and the SNB decision on 10 December.
More background: Why the franc is so strong, in 3 minutes.
General information only, not investment, tax or legal advice, and not a recommendation to buy or sell any financial instrument or currency. Figures come from the sources linked above. Independent; not affiliated with any authority or company mentioned.
General information only, not investment advice. · Allgemeine Information, keine Anlageberatung. · Information générale, pas un conseil en placement. · Informazione generale, non consulenza in investimenti.
