EM CEEMEA CREDIT: Turkiye Varlik Fonu Yonetimi: USD Long 5Y and 10Y - GUI

The Swiss Federal Council has released a press release following last week's 39% tariff announcement from the US:

• "The Federal Council is firmly committed to continuing the talks and negotiations with the United States beyond this joint declaration of intent, and if necessary, beyond August 7, 2025."
• "To improve the customs situation while simultaneously addressing US concerns, Switzerland is making every effort to present the United States with an even more attractive offer in this new phase of negotiations"
• "The Federal Council is not currently considering any countermeasures."

Similar lines were observed in the immediate aftermath of the U.S. announcement last week. Most significant point potentially that they are not considering countermeasures at this stage - however, the Swiss stance already appeared pretty accommodative.

• CHF gains marginally on the headlines, but USDCHF remains in the green for the session at 0.8059.

• The US 2yr (TUU5) is again finding some resistance ahead of 104.02, the July high and highest printed level since early May.
• TUU5 printed a 104.01 high on Friday and 104.01875 just now.

• We have published and e-mailed to subscribers the MNI US Employment Insight.
• Please find the full report including MNI analysis and a succinct summary of analyst views here: https://media.marketnews.com/US_Employment_Report_Aug2025_b2bbe2a098.pdf