How Switzerland Lost a Currency Battle, but Won the War

Swiss economy, with its nimble labor market and emphasis on high-value exports, has shown resiliency to the strong franc

Brian Blackstone and

Pat Minczeski

April 20, 2018 5:30 a.m. ET

ZURICH—The euro briefly exceeded 1.20 Swiss francs Thursday and again early Friday, a level it hasn’t reached in over three years, marking a milestone for Switzerland’s economy that was battered, but not broken, by its strong currency.

Switzerland’s ability to survive, and even thrive, is a counterpoint to recent comments by policy makers around the world who seemed to signal a preference for weaker currencies to juice exports or inflation.

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