The EUR/CHF currency pair traded within a narrow daily range on Wednesday ahead of the Swiss CPI inflation data and as traders braced for the implementation of the Trump administration’s new tariffs.

Switzerland’s inflation report for March, due out tomorrow, may provide more clues over the SNB’s future rate trajectory.

The Swiss National Bank lowered its policy rate by 25 basis points to 0.25% at its March meeting, as it cited low inflationary pressures and heightened downside risks to inflation.

The central bank maintained its inflation forecast at 0.4% for this year and at 0.8% for both 2026 and 2027.

Meanwhile, the Euro’s movement was mostly subdued after Germany’s latest inflation data suggested inflationary pressures continued to ease, adding to speculation that the European Central Bank may proceed with more interest rate cuts.

The ECB is widely expected to implement another rate cut this month, which could potentially mount pressure on the single currency.

Market players remained cautious ahead of a major US tariff announcement later in the day.

The EUR/CHF currency pair was last up 0.11% on the day to trade at 0.9545.