Currently on pace for its best yearly performance in over two decades, 2025 has been an interesting year for dollar-franc traders. While recent domestic GDP numbers and continuing deflationary pressures within the Swiss economy would typically bode poorly for the Swiss franc, the significant appreciation in value seen across much of this year can be summed up in three words: safe-haven flows. This goes double considering the recent change of tack from the Bank of Japan, with the unwinding of the now infamous carry trade diverting much of the demand for safe-haven currencies towards the franc over the yen. Despite an unremarkable economic performance, at least one outcome is a rapid appreciation in franc value, currently at #1 in year-to-date performance, with the euro coming in a close second place. Read more on the Swiss franc’s performance in 2025: Swiss franc leads majors as US session begins and reclaims 2025 crown