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MONETARY POLICY RESEARCH · ECB / SNB

EUR/CHF Fundamental Analysis

Official policy-rate comparison for European Central Bank and Swiss National Bank. Updated from the verified snapshot dated .

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BASE · EUR

ECB · European Central Bank

2.50%

Deposit facility rate

Effective 16 Sept 2026

Official ECB rate source ↗
SIGNED BASE − QUOTE GAP
+250 bp
EUR has the higher selected benchmark

Absolute difference: 250 bp

This is not a forecast of the EUR/CHF exchange rate or actual broker swap yield.

QUOTE · CHF

SNB · Swiss National Bank

0.00%

SNB policy rate

Effective 24 Sept 2026

Official SNB rate source ↗

Rates are from the verified 15 Oct 2026 snapshot; updates are currently curated, not live. Review sources, update frequency and licensing →

ECONOMIC COMPARISON

Euro area vs Switzerland

Compare inflation, jobs and growth behind EUR/CHF.

Published economic observations, not live prices. Each line keeps its original reporting frequency. Missing observations are not estimated.

Inflation

Headline CPI · year-on-year %

Euro area · EUR 3.75%Sept 2026 · Monthly Refresh failed · saved history
Switzerland · CHF 0.03%Apr 2025 · Monthly Older series — latest available observation Refresh failed · saved history
-1.1%2.1%5.3%8.5%11.7%Oct 21Jan 23Apr 24Jul 25Oct 26Euro area: Nov 2021 · 4.88%Euro area: Dec 2021 · 4.97%Euro area: Jan 2022 · 5.11%Euro area: Feb 2022 · 5.88%Euro area: Mar 2022 · 7.44%Euro area: Apr 2022 · 7.45%Euro area: May 2022 · 8.05%Euro area: Jun 2022 · 8.64%Euro area: Jul 2022 · 8.86%Euro area: Aug 2022 · 9.15%Euro area: Sept 2022 · 9.93%Euro area: Oct 2022 · 10.62%Euro area: Nov 2022 · 10.05%Euro area: Dec 2022 · 9.20%Euro area: Jan 2023 · 8.64%Euro area: Feb 2023 · 8.50%Euro area: Mar 2023 · 6.88%Euro area: Apr 2023 · 6.94%Euro area: May 2023 · 6.10%Euro area: Jun 2023 · 5.51%Euro area: Jul 2023 · 5.28%Euro area: Aug 2023 · 5.21%Euro area: Sept 2023 · 4.32%Euro area: Oct 2023 · 2.87%Euro area: Nov 2023 · 2.37%Euro area: Dec 2023 · 2.90%Euro area: Jan 2024 · 2.76%Euro area: Feb 2024 · 2.57%Euro area: Mar 2024 · 2.41%Euro area: Apr 2024 · 2.35%Euro area: May 2024 · 2.55%Euro area: Jun 2024 · 2.50%Euro area: Jul 2024 · 2.58%Euro area: Aug 2024 · 2.16%Euro area: Sept 2024 · 1.73%Euro area: Oct 2024 · 1.99%Euro area: Nov 2024 · 2.23%Euro area: Dec 2024 · 2.43%Euro area: Jan 2025 · 2.50%Euro area: Feb 2025 · 2.30%Euro area: Mar 2025 · 2.17%Euro area: Apr 2025 · 2.16%Euro area: May 2025 · 1.86%Euro area: Jun 2025 · 1.96%Euro area: Jul 2025 · 2.01%Euro area: Aug 2025 · 2.02%Euro area: Sept 2025 · 2.22%Euro area: Oct 2025 · 2.08%Euro area: Nov 2025 · 2.11%Euro area: Dec 2025 · 1.93%Euro area: Jan 2026 · 1.64%Euro area: Feb 2026 · 1.87%Euro area: Mar 2026 · 2.53%Euro area: Apr 2026 · 3.00%Euro area: May 2026 · 3.14%Euro area: Jun 2026 · 2.73%Euro area: Jul 2026 · 2.93%Euro area: Aug 2026 · 3.23%Euro area: Sept 2026 · 3.75%Switzerland: Nov 2021 · 1.53%Switzerland: Dec 2021 · 1.53%Switzerland: Jan 2022 · 1.65%Switzerland: Feb 2022 · 2.15%Switzerland: Mar 2022 · 2.39%Switzerland: Apr 2022 · 2.55%Switzerland: May 2022 · 2.94%Switzerland: Jun 2022 · 3.38%Switzerland: Jul 2022 · 3.43%Switzerland: Aug 2022 · 3.45%Switzerland: Sept 2022 · 3.25%Switzerland: Oct 2022 · 3.00%Switzerland: Nov 2022 · 2.96%Switzerland: Dec 2022 · 2.84%Switzerland: Jan 2023 · 3.28%Switzerland: Feb 2023 · 3.37%Switzerland: Mar 2023 · 2.95%Switzerland: Apr 2023 · 2.57%Switzerland: May 2023 · 2.16%Switzerland: Jun 2023 · 1.71%Switzerland: Jul 2023 · 1.61%Switzerland: Aug 2023 · 1.55%Switzerland: Sept 2023 · 1.65%Switzerland: Oct 2023 · 1.69%Switzerland: Nov 2023 · 1.44%Switzerland: Dec 2023 · 1.71%Switzerland: Jan 2024 · 1.28%Switzerland: Feb 2024 · 1.17%Switzerland: Mar 2024 · 1.04%Switzerland: Apr 2024 · 1.37%Switzerland: May 2024 · 1.39%Switzerland: Jun 2024 · 1.33%Switzerland: Jul 2024 · 1.29%Switzerland: Aug 2024 · 1.06%Switzerland: Sept 2024 · 0.84%Switzerland: Oct 2024 · 0.62%Switzerland: Nov 2024 · 0.73%Switzerland: Dec 2024 · 0.63%Switzerland: Jan 2025 · 0.40%Switzerland: Feb 2025 · 0.32%Switzerland: Mar 2025 · 0.34%Switzerland: Apr 2025 · 0.03%

National headline CPI; euro area uses HICP. Baskets and national methods differ. Quarterly readings remain quarterly.

Sources & exact observations

Euro area

Eurostat via FRED ↗

Harmonized Index of Consumer Prices: Total for Euro Area (19 Countries) · Trade90 calculates year-on-year percentage change from the source index.

Source updated: 2026-10-16 7:44 AM CDT
Retrieved: 2026-10-18

Euro area inflation — selected range
PeriodValue
Sept 20263.75%
Aug 20263.23%
Jul 20262.93%
Jun 20262.73%
May 20263.14%
Apr 20263.00%
Mar 20262.53%
Feb 20261.87%
Jan 20261.64%
Dec 20251.93%
Nov 20252.11%
Oct 20252.08%
Sept 20252.22%
Aug 20252.02%
Jul 20252.01%
Jun 20251.96%
May 20251.86%
Apr 20252.16%
Mar 20252.17%
Feb 20252.30%
Jan 20252.50%
Dec 20242.43%
Nov 20242.23%
Oct 20241.99%
Sept 20241.73%
Aug 20242.16%
Jul 20242.58%
Jun 20242.50%
May 20242.55%
Apr 20242.35%
Mar 20242.41%
Feb 20242.57%
Jan 20242.76%
Dec 20232.90%
Nov 20232.37%
Oct 20232.87%
Sept 20234.32%
Aug 20235.21%
Jul 20235.28%
Jun 20235.51%
May 20236.10%
Apr 20236.94%
Mar 20236.88%
Feb 20238.50%
Jan 20238.64%
Dec 20229.20%
Nov 202210.05%
Oct 202210.62%
Sept 20229.93%
Aug 20229.15%
Jul 20228.86%
Jun 20228.64%
May 20228.05%
Apr 20227.45%
Mar 20227.44%
Feb 20225.88%
Jan 20225.11%
Dec 20214.97%
Nov 20214.88%

Switzerland

Organization for Economic Co-operation and Development via FRED ↗

Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Total for Switzerland · Trade90 calculates year-on-year percentage change from the source index.

Source updated: 2025-05-15 2:20 PM CDT
Retrieved: 2026-10-18

Switzerland inflation — selected range
PeriodValue
Apr 20250.03%
Mar 20250.34%
Feb 20250.32%
Jan 20250.40%
Dec 20240.63%
Nov 20240.73%
Oct 20240.62%
Sept 20240.84%
Aug 20241.06%
Jul 20241.29%
Jun 20241.33%
May 20241.39%
Apr 20241.37%
Mar 20241.04%
Feb 20241.17%
Jan 20241.28%
Dec 20231.71%
Nov 20231.44%
Oct 20231.69%
Sept 20231.65%
Aug 20231.55%
Jul 20231.61%
Jun 20231.71%
May 20232.16%
Apr 20232.57%
Mar 20232.95%
Feb 20233.37%
Jan 20233.28%
Dec 20222.84%
Nov 20222.96%
Oct 20223.00%
Sept 20223.25%
Aug 20223.45%
Jul 20223.43%
Jun 20223.38%
May 20222.94%
Apr 20222.55%
Mar 20222.39%
Feb 20222.15%
Jan 20221.65%
Dec 20211.53%
Nov 20211.53%

Unemployment

% of labour force · seasonally adjusted

Euro area · EUR 6.70%Jan 2023 · Monthly Older series — latest available observation Refresh failed · saved history
Switzerland · CHF 5.03%2026 Q2 · Quarterly Refresh failed · saved history
-0.7%1.4%3.5%5.7%7.8%Oct 21Jan 23Apr 24Jul 25Oct 26Euro area: Nov 2021 · 7.10%Euro area: Dec 2021 · 7.00%Euro area: Jan 2022 · 6.90%Euro area: Feb 2022 · 6.80%Euro area: Mar 2022 · 6.80%Euro area: Apr 2022 · 6.70%Euro area: May 2022 · 6.70%Euro area: Jun 2022 · 6.70%Euro area: Jul 2022 · 6.70%Euro area: Aug 2022 · 6.70%Euro area: Sept 2022 · 6.70%Euro area: Oct 2022 · 6.60%Euro area: Nov 2022 · 6.70%Euro area: Dec 2022 · 6.70%Euro area: Jan 2023 · 6.70%Switzerland: 2022 Q1 · 4.33%Switzerland: 2022 Q2 · 4.15%Switzerland: 2022 Q3 · 3.97%Switzerland: 2022 Q4 · 4.05%Switzerland: 2023 Q1 · 4.00%Switzerland: 2023 Q2 · 3.96%Switzerland: 2023 Q3 · 4.09%Switzerland: 2023 Q4 · 4.12%Switzerland: 2024 Q1 · 4.12%Switzerland: 2024 Q2 · 4.22%Switzerland: 2024 Q3 · 4.54%Switzerland: 2024 Q4 · 4.49%Switzerland: 2025 Q1 · 4.59%Switzerland: 2025 Q2 · 4.76%Switzerland: 2025 Q3 · 4.93%Switzerland: 2025 Q4 · 5.07%Switzerland: 2026 Q1 · 5.07%Switzerland: 2026 Q2 · 5.03%

OECD labour-force survey measure. Switzerland and New Zealand report quarterly; other economies report monthly. National age coverage can differ.

Sources & exact observations

Euro area

Organization for Economic Co-operation and Development via FRED ↗

Harmonised Unemployment - Monthly Rates: Total: All Persons for the Euro Area (19 Countries)

Source updated: 2023-03-15 1:15 PM CDT
Retrieved: 2026-10-18

Euro area unemployment — selected range
PeriodValue
Jan 20236.70%
Dec 20226.70%
Nov 20226.70%
Oct 20226.60%
Sept 20226.70%
Aug 20226.70%
Jul 20226.70%
Jun 20226.70%
May 20226.70%
Apr 20226.70%
Mar 20226.80%
Feb 20226.80%
Jan 20226.90%
Dec 20217.00%
Nov 20217.10%

Switzerland

Organization for Economic Co-operation and Development via FRED ↗

Infra-Annual Labor Statistics: Monthly Unemployment Rate Total: 15 Years or over for Switzerland

Source updated: 2026-09-15 3:14 PM CDT
Retrieved: 2026-10-18

Switzerland unemployment — selected range
PeriodValue
2026 Q25.03%
2026 Q15.07%
2025 Q45.07%
2025 Q34.93%
2025 Q24.76%
2025 Q14.59%
2024 Q44.49%
2024 Q34.54%
2024 Q24.22%
2024 Q14.12%
2023 Q44.12%
2023 Q34.09%
2023 Q23.96%
2023 Q14.00%
2022 Q44.05%
2022 Q33.97%
2022 Q24.15%
2022 Q14.33%

Real GDP growth

Quarter-on-quarter % · seasonally adjusted

Euro area · EUR 0.63%2026 Q2 · Quarterly Refresh failed · saved history
Switzerland · CHF 1.88%2026 Q2 · Quarterly Refresh failed · saved history
-0.6%0.0%0.7%1.4%2.1%Oct 21Jan 23Apr 24Jul 25Oct 26Euro area: 2022 Q1 · 0.75%Euro area: 2022 Q2 · 0.94%Euro area: 2022 Q3 · 0.54%Euro area: 2022 Q4 · -0.05%Euro area: 2023 Q1 · -0.21%Euro area: 2023 Q2 · 0.19%Euro area: 2023 Q3 · 0.18%Euro area: 2023 Q4 · -0.00%Euro area: 2024 Q1 · 0.43%Euro area: 2024 Q2 · 0.22%Euro area: 2024 Q3 · 0.53%Euro area: 2024 Q4 · 0.32%Euro area: 2025 Q1 · 0.49%Euro area: 2025 Q2 · 0.02%Euro area: 2025 Q3 · 0.31%Euro area: 2025 Q4 · 0.22%Euro area: 2026 Q1 · -0.01%Euro area: 2026 Q2 · 0.63%Switzerland: 2022 Q1 · 0.25%Switzerland: 2022 Q2 · 0.84%Switzerland: 2022 Q3 · 0.59%Switzerland: 2022 Q4 · 0.18%Switzerland: 2023 Q1 · 0.36%Switzerland: 2023 Q2 · -0.34%Switzerland: 2023 Q3 · 0.34%Switzerland: 2023 Q4 · 0.56%Switzerland: 2024 Q1 · -0.02%Switzerland: 2024 Q2 · 0.90%Switzerland: 2024 Q3 · 0.50%Switzerland: 2024 Q4 · 0.39%Switzerland: 2025 Q1 · 0.94%Switzerland: 2025 Q2 · -0.02%Switzerland: 2025 Q3 · -0.41%Switzerland: 2025 Q4 · 0.52%Switzerland: 2026 Q1 · 0.63%Switzerland: 2026 Q2 · 1.88%

Real output growth from the previous quarter, not annualised. Euro area uses the 19-country aggregate. Revisions may change historical values.

Sources & exact observations

Euro area

Eurostat via FRED ↗

Real Gross Domestic Product for Euro Area (19 Countries) · Trade90 calculates quarter-on-quarter percentage change from the source index.

Source updated: 2026-09-07 4:03 AM CDT
Retrieved: 2026-10-18

Euro area real gdp growth — selected range
PeriodValue
2026 Q20.63%
2026 Q1-0.01%
2025 Q40.22%
2025 Q30.31%
2025 Q20.02%
2025 Q10.49%
2024 Q40.32%
2024 Q30.53%
2024 Q20.22%
2024 Q10.43%
2023 Q4-0.00%
2023 Q30.18%
2023 Q20.19%
2023 Q1-0.21%
2022 Q4-0.05%
2022 Q30.54%
2022 Q20.94%
2022 Q10.75%

Switzerland

Organization for Economic Co-operation and Development via FRED ↗

National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Switzerland

Source updated: 2026-10-15 3:41 PM CDT
Retrieved: 2026-10-18

Switzerland real gdp growth — selected range
PeriodValue
2026 Q21.88%
2026 Q10.63%
2025 Q40.52%
2025 Q3-0.41%
2025 Q2-0.02%
2025 Q10.94%
2024 Q40.39%
2024 Q30.50%
2024 Q20.90%
2024 Q1-0.02%
2023 Q40.56%
2023 Q30.34%
2023 Q2-0.34%
2023 Q10.36%
2022 Q40.18%
2022 Q30.59%
2022 Q20.84%
2022 Q10.25%

Sources: OECD, Eurostat and the U.S. Bureau of Labor Statistics, retrieved through the Federal Reserve Bank of St. Louis (FRED). Data may be revised. Refresh check: 2026-10-18. Higher or lower readings alone do not determine currency direction.

Market data availability

Expected EUR/CHF Rate Divergence

Market-implied policy-rate differences require validated, appropriately licensed forward inputs for both currencies. No fabricated forecasts.

Checking forward-rate source availability…
Policy calendar · EUR/CHF

Next Major Decisions to Watch

The next scheduled monetary-policy announcement for each of the two central banks in this pair. Dates are official schedules, not forecasts of rate increases or cuts.

EUR · ECBScheduled

Policy announcement date

Governing Council monetary policy decision

What to watch

Deposit facility rate decision and monetary policy press conference

Official ECB calendar ↗
CHF · SNBScheduled

Policy announcement date

Monetary policy assessment

What to watch

SNB policy-rate assessment, inflation outlook and press release

Official SNB calendar ↗

Schedules checked 15 Oct 2026. Central banks may reschedule meetings or announce unscheduled decisions. For the newest schedule, use the linked official calendars.

Official statements · EUR/CHF

Central Bank Policy Outlook & Forward Guidance

Compare what the two central banks have actually communicated. These are dated summaries of official policy, not market-priced rate expectations or trade recommendations.

EUR · ECB
Data-dependent · Meeting by meeting

ECB commits to inflation target, not a predetermined rate path

The Governing Council assesses inflation and economic data at each meeting; its communication does not commit to a specific future policy-rate trajectory.

What could change the outlook?

Euro-area inflation, wage growth and the ECB's updated projections

Official monetary policy decisions ↗
CHF · SNB
Rate hold · Conditional inflation outlook

SNB held at zero as its conditional inflation forecast stayed in target

The SNB maintained a 0% policy rate. Its published inflation forecast assumed a constant policy rate and was within its price-stability range; that assumption is not a promise to hold future rates.

What could change the outlook?

Swiss inflation, franc exchange-rate developments and global uncertainty

Official monetary policy assessment ↗

Review date: 16 Oct 2026. Different central-bank statements are not directly comparable forecasts. The next policy decision may materially change the guidance.

Official central-bank publications

Central Bank Policy Updates · EUR/CHF

Only SNB and ECB: official decisions, minutes and policy publications relevant to EUR/CHF. No unrelated currencies.

Last curated review: 15 Oct 2026 · Dated source collection — not a live news feed

3 publications from the two banks in EUR/CHF.

CHF · SNB Rate decision

SNB holds SNB policy rate · 0.00%

SNB kept its benchmark rate unchanged; Trade90's selected snb policy rate is 0.00%. Effective from the decision date.

What this publication confirms: Official policy benchmark, not a market-implied future rate.
Official SNB publication ↗
EUR · ECB Policy statement

ECB explains September monetary policy decision

The ECB's September monetary policy statement and Q&A explain the Governing Council's interest-rate decision and inflation outlook. This policy communication is separate from derivatives-market expectations.

What this publication confirms: Official reasoning behind the announced September policy decision.
Official ECB publication ↗
EUR · ECB Rate decision

ECB raises Deposit facility rate · 2.50%

ECB raised its benchmark rate; Trade90's selected deposit facility rate is 2.50%. Effective 2026-09-16.

What this publication confirms: Official policy benchmark, not a market-implied future rate.
Official ECB publication ↗
AUTOMATED OFFICIAL SOURCE WATCH

Recent publication links for EUR/CHF

Links detected from official bank publication channels. A new publication is not necessarily an interest-rate decision and is not a verified policy-rate change.

Loading recent source scan…

Automatically collected links are shown for reference, not verified AI-written summaries or streaming data. For rate and source-quality definitions, see TRADE90's data policy.

AUTOMATIC OFFICIAL SOURCE WATCH

Recently detected central-bank publications

Links detected on official bank websites for EUR/CHF. Titles are from the original sources. TRADE90 does not treat link discovery as confirmation of a new interest rate.

Checking the official-source archive…
Interpretation & sources

What the EUR/CHF Policy-Rate Gap Means

EUR/CHF compares the EUR (euro area) and CHF (Switzerland) monetary-policy benchmarks. EUR has the higher selected official policy-rate benchmark in Trade90's 15 Oct 2026 snapshot. The signed base-minus-quote gap is +250 basis points; this is a comparison of official policy levels, not a currency-price signal.

What could change the relative policy outlook?

For EUR, monitor euro-area inflation, growth indicators and ECB Governing Council communications. For CHF, monitor Swiss inflation, franc exchange-rate developments and SNB assessments. A change in future market expectations may move an exchange rate even while the current official policy gap remains unchanged.

Why this gap is not a trade recommendation

Trade90 compares ECB deposit facility rate against SNB policy rate. Each country defines its policy benchmark differently. The signed difference is not an FX forward, an investable interest-rate spread, or a broker's overnight swap charge.

Current decisions and forward market pricing answer different questions. A CPI or labour-market release can change futures-implied expectations without changing an official benchmark. Trade90 does not infer a buy/sell signal from a policy gap. Read the rate-gap methodology and guide to market-implied expectations.

Latest dated official publications for this pair

Continue your research

Use the forex fundamental analysis checklist to compare the two economies, read how interest-rate differentials work, and model trade risk with the forex position size calculator.

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