U.S. President Trump announced the possibility of reaching trade agreements with India, South Korea, and Japan, attempting to transform his tariff policy into trade cooperation. U.S. Treasury Secretary Scott Brison and White House economic advisor Kevin Hassett, among other officials, also expressed hopes for easing trade tensions. Optimism about a de-escalation of global trade conflicts may boost the performance of the USD/CHF.

However, uncertainties regarding the impact of tariffs on inflation and the economy have raised concerns about a slowdown in the U.S. economy, which could limit the upside potential of the dollar. According to data released by the U.S. Department of Commerce on Wednesday, the U.S. economy contracted at an annualized rate of 0.3% in the first quarter of 2025, weaker than the expected 0.4%. The market will closely watch Friday's non-farm payroll report, which is expected to show an addition of 130,000 jobs in April.

At the same time, ongoing geopolitical tensions may enhance safe-haven capital flows, benefiting the Swiss franc. U.S. Secretary of State Marco Rubio stated on Friday that more time is needed to achieve breakthroughs in Ukraine.

Current market sentiment is cautiously bearish. Although news of easing global trade tensions has provided some optimistic factors, soft U.S. economic data and geopolitical risks continue to pressure the dollar. In particular, the data showing a 0.3% contraction in the first quarter GDP further reinforces the market's concerns about the U.S. economic outlook.

The non-farm payroll report will be a key turning point for market sentiment; if the data falls short of expectations, it may trigger a new round of dollar selling; conversely, if the data exceeds expectations, it may support a rebound in the dollar. However, analysts believe that even if the non-farm data shows resilience, it may not completely dispel market concerns about an economic downturn, putting the dollar under "dual pressure".