AUD / CHF - Australian Dollar / Swiss Franc

AUD to CHF Exchange Rate History: Risk Appetite vs. Safe-Haven Stability

The AUD to CHF exchange rate offers a striking contrast between two vastly different currencies—the Australian Dollar, tied to commodity exports and global risk sentiment, and the Swiss Franc, a globally recognized safe-haven currency. This divergence creates a currency pair that is highly sensitive to shifts in global uncertainty, interest rate differentials, and commodity cycles.

1990s: Steady Divergence

In the 1990s, AUD/CHF ranged between 0.95 and 1.25, favoring the Swiss Franc overall.

• Switzerland maintained a strong current account surplus, low inflation, and conservative monetary policy.

• Meanwhile, Australia experienced high interest rates but greater economic volatility, including a recession in the early 90s.

CHF strength was attributed to its safe-haven appeal in times of global uncertainty, while AUD reflected the risk-on side of the global economy.

2000–2008: Commodity Boom vs. European Stability

During the global commodity boom:

• AUD gained ground, supported by demand from China and high interest rates from the Reserve Bank of Australia (RBA).

• However, the Swiss National Bank (SNB) maintained extremely low rates, often near zero, keeping CHF relatively steady.

AUD/CHF rose from around 0.90 in 2000 to 1.10 by 2007, as risk appetite surged and capital flowed into higher-yielding currencies like AUD.

2009–2012: Financial Crisis and Safe-Haven Rally

The 2008 global financial crisis triggered a dramatic reversal:

• Capital fled riskier assets, flowing into the Swiss Franc.

• AUD/CHF plummeted to as low as 0.80 in 2009.

During the Eurozone crisis (2010–2012), CHF gained even more strength as investors dumped the euro for Swiss assets. In response, the SNB introduced a peg to prevent excessive appreciation, targeting a EUR/CHF floor of 1.20 in 2011.

AUD/CHF remained volatile but depressed, trading between 0.85 and 0.95 in this period.

2013–2019: AUD Under Pressure

• Australia faced a slowdown in mining investment and persistent rate cuts.

• Switzerland continued its ultra-low rate policy, even entering negative interest rates in 2015.

• In 2015, the SNB removed the CHF peg, causing a sharp appreciation in the franc.

AUD/CHF fell to 0.70 in 2015 and remained under pressure, unable to compete with the Franc’s haven status despite interest rate differentials.

By 2019, the pair hovered around 0.68 – 0.72, with AUD unable to break higher.

2020–2024: Pandemic Volatility and Rate Cycles

The COVID-19 pandemic intensified risk-off flows into CHF, sending AUD/CHF briefly to 0.58 in March 2020, its lowest level in over 20 years.

• As risk appetite returned in 2021, the pair rebounded to 0.72.

• But the SNB’s surprise rate hikes in 2022 and 2023, coupled with slower RBA tightening, shifted momentum back in favor of CHF.

By early 2024, AUD/CHF hovered near 0.60, reflecting a resilient Swiss economy, low inflation, and global caution around China’s demand slowdown.

As of April 2025, AUD/CHF trades around 0.61, struggling to gain traction amid global headwinds.

✅ Key

🟢 = AUD appreciated vs CHF
❌ = AUD depreciated vs CHF
⚠️ = Mixed / Volatile

📊 AUD to CHF Exchange Rate by Decade

The AUD/CHF exchange rate captures the world’s sentiment toward risk vs. safety. In bullish global conditions, AUD may strengthen, but in times of crisis, CHF remains a global magnet for capital. Going into the rest of 2025, the outlook depends on:

• Chinese demand revival,

• SNB rate path vs RBA easing expectations,

• And shifts in global geopolitical tensions.