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The Swiss Franc is on the back foot after some weaker than CPI statistics this morning. Earlier today local authorities reported that Swiss July CPI declined 0.7% month-over-month, further than calls for a 0.5% contraction and prior 0.4% pullback. Annual inflation rate dropped to 0.4% from 0.5%, despite expectations for an increase to 0.7%. The results suggest that the Swiss National Bank may yet return to the forex markets to weaken the Swiss Franc and prevent deflation in the region. As a consequence, EUR/CHF last traded higher by 27 pips at 1.3720.
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