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MONETARY POLICY RESEARCH · RBNZ / SNB

NZD/CHF Fundamental Analysis

Official policy-rate comparison for Reserve Bank of New Zealand and Swiss National Bank. Updated from the verified snapshot dated .

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BASE · NZD

RBNZ · Reserve Bank of New Zealand

2.75%

Official Cash Rate

Effective 2 Sept 2026

Official RBNZ rate source ↗
SIGNED BASE − QUOTE GAP
+275 bp
NZD has the higher selected benchmark

Absolute difference: 275 bp

This is not a forecast of the NZD/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

New Zealand vs Switzerland

Compare inflation, jobs and growth behind NZD/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 %

New Zealand · NZD 2.53%2025 Q1 · Quarterly Older series — latest available observation Refresh failed · saved history
Switzerland · CHF 0.03%Apr 2025 · Monthly Older series — latest available observation Refresh failed · saved history
-0.7%1.5%3.7%5.8%8.0%Oct 21Jan 23Apr 24Jul 25Oct 26New Zealand: 2022 Q1 · 6.93%New Zealand: 2022 Q2 · 7.30%New Zealand: 2022 Q3 · 7.23%New Zealand: 2022 Q4 · 7.22%New Zealand: 2023 Q1 · 6.65%New Zealand: 2023 Q2 · 6.03%New Zealand: 2023 Q3 · 5.65%New Zealand: 2023 Q4 · 4.66%New Zealand: 2024 Q1 · 4.02%New Zealand: 2024 Q2 · 3.33%New Zealand: 2024 Q3 · 2.15%New Zealand: 2024 Q4 · 2.22%New Zealand: 2025 Q1 · 2.53%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

New Zealand

Organization for Economic Co-operation and Development via FRED ↗

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

Source updated: 2025-05-15 2:16 PM CDT
Retrieved: 2026-10-18

New Zealand inflation — selected range
PeriodValue
2025 Q12.53%
2024 Q42.22%
2024 Q32.15%
2024 Q23.33%
2024 Q14.02%
2023 Q44.66%
2023 Q35.65%
2023 Q26.03%
2023 Q16.65%
2022 Q47.22%
2022 Q37.23%
2022 Q27.30%
2022 Q16.93%

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

New Zealand · NZD 5.60%2026 Q2 · Quarterly Refresh failed · saved history
Switzerland · CHF 5.03%2026 Q2 · Quarterly Refresh failed · saved history
-0.6%1.1%2.8%4.5%6.2%Oct 21Jan 23Apr 24Jul 25Oct 26New Zealand: 2022 Q1 · 3.30%New Zealand: 2022 Q2 · 3.30%New Zealand: 2022 Q3 · 3.30%New Zealand: 2022 Q4 · 3.40%New Zealand: 2023 Q1 · 3.50%New Zealand: 2023 Q2 · 3.70%New Zealand: 2023 Q3 · 3.90%New Zealand: 2023 Q4 · 4.00%New Zealand: 2024 Q1 · 4.40%New Zealand: 2024 Q2 · 4.70%New Zealand: 2024 Q3 · 4.90%New Zealand: 2024 Q4 · 5.10%New Zealand: 2025 Q1 · 5.20%New Zealand: 2025 Q2 · 5.20%New Zealand: 2025 Q3 · 5.30%New Zealand: 2025 Q4 · 5.40%New Zealand: 2026 Q1 · 5.40%New Zealand: 2026 Q2 · 5.60%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

New Zealand

Organization for Economic Co-operation and Development via FRED ↗

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

Source updated: 2026-08-17 3:04 PM CDT
Retrieved: 2026-10-18

New Zealand unemployment — selected range
PeriodValue
2026 Q25.60%
2026 Q15.40%
2025 Q45.40%
2025 Q35.30%
2025 Q25.20%
2025 Q15.20%
2024 Q45.10%
2024 Q34.90%
2024 Q24.70%
2024 Q14.40%
2023 Q44.00%
2023 Q33.90%
2023 Q23.70%
2023 Q13.50%
2022 Q43.40%
2022 Q33.30%
2022 Q23.30%
2022 Q13.30%

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

New Zealand · NZD 0.36%2026 Q2 · Quarterly Refresh failed · saved history
Switzerland · CHF 1.88%2026 Q2 · Quarterly Refresh failed · saved history
-1.6%-0.5%0.6%1.7%2.8%Oct 21Jan 23Apr 24Jul 25Oct 26New Zealand: 2022 Q1 · 0.03%New Zealand: 2022 Q2 · 1.25%New Zealand: 2022 Q3 · 2.42%New Zealand: 2022 Q4 · 0.29%New Zealand: 2023 Q1 · -0.28%New Zealand: 2023 Q2 · 0.90%New Zealand: 2023 Q3 · -0.12%New Zealand: 2023 Q4 · 0.42%New Zealand: 2024 Q1 · -0.18%New Zealand: 2024 Q2 · 0.02%New Zealand: 2024 Q3 · -1.21%New Zealand: 2024 Q4 · 0.20%New Zealand: 2025 Q1 · 0.81%New Zealand: 2025 Q2 · -0.47%New Zealand: 2025 Q3 · 1.22%New Zealand: 2025 Q4 · 0.34%New Zealand: 2026 Q1 · 1.05%New Zealand: 2026 Q2 · 0.36%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

New Zealand

Organization for Economic Co-operation and Development via FRED ↗

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

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

New Zealand real gdp growth — selected range
PeriodValue
2026 Q20.36%
2026 Q11.05%
2025 Q40.34%
2025 Q31.22%
2025 Q2-0.47%
2025 Q10.81%
2024 Q40.20%
2024 Q3-1.21%
2024 Q20.02%
2024 Q1-0.18%
2023 Q40.42%
2023 Q3-0.12%
2023 Q20.90%
2023 Q1-0.28%
2022 Q40.29%
2022 Q32.42%
2022 Q21.25%
2022 Q10.03%

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 NZD/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 · NZD/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.

NZD · RBNZScheduled

Policy announcement date

OCR decision and Monetary Policy Review

What to watch

Official Cash Rate announcement and Monetary Policy Review or Statement

Official RBNZ 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 · NZD/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.

NZD · RBNZ
Conditional further tightening projected

RBNZ projections allowed for further OCR increases

The September Monetary Policy Statement projected further OCR increases conditional on its central economic outlook, to bring inflation back toward 2%. This is the bank's conditional projection, not a market-implied quote.

What could change the outlook?

New Zealand CPI, demand and labour-market data; new OCR path in the next policy statement

Official Monetary Policy Statement ↗
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 · NZD/CHF

Only SNB and RBNZ: official decisions, minutes and policy publications relevant to NZD/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 NZD/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 ↗
NZD · RBNZ Rate decision

RBNZ raises Official Cash Rate · 2.75%

RBNZ raised its benchmark rate; Trade90's selected official cash rate is 2.75%. Effective from the decision date.

What this publication confirms: Official policy benchmark, not a market-implied future rate.
Official RBNZ publication ↗
NZD · RBNZ Policy report

RBNZ publishes September Monetary Policy Statement

The RBNZ explained its decision to increase the Official Cash Rate to 2.75%, alongside its assessment of inflation, economic activity and risks. Its policy projections are not identical to market-implied rates.

What this publication confirms: Official inflation and activity outlook alongside the OCR decision.
Official RBNZ publication ↗
AUTOMATED OFFICIAL SOURCE WATCH

Recent publication links for NZD/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 NZD/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 NZD/CHF Policy-Rate Gap Means

NZD/CHF compares the NZD (New Zealand) and CHF (Switzerland) monetary-policy benchmarks. NZD has the higher selected official policy-rate benchmark in Trade90's 15 Oct 2026 snapshot. The signed base-minus-quote gap is +275 basis points; this is a comparison of official policy levels, not a currency-price signal.

What could change the relative policy outlook?

For NZD, monitor New Zealand CPI, labour data and RBNZ Monetary Policy Statements. 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 Official Cash 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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