2019 was characterised by a relatively low amount of volatility among the key currency exchange rates. Up to the end of August, the US dollar rose in value somewhat against the Swiss franc, only to lose ground again towards the end of the year. Upward pressure on the Swiss franc in relation to the euro persisted. Since the end of November, the franc/euro exchange rate has again fallen to under CHF 1.09. The exchange rate development of the pound sterling was largely influenced by the Brexit debate. No end to the Swiss franc’s strength is yet in sight. The ECB’s continuing expansionary monetary policy is weighing on the euro. As a result of the incipient economic upturn in the emerging markets, the US dollar will probably lose its status as a safe haven. Furthermore, a strong dollar does not serve the interests of the US government.