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The Swiss Franc is under pressure against the euro on the back of a larger than expected decline in June’s CPI, which fell 0.4% month-over-month, further than calls for a 0.1% contraction. Meanwhile, annual CPI growth slowed to 0.5% from 1.1%, further than calls for a 0.9% level. The data suggests the Swiss National Bank may yet return to weaken the currency should deflationary pressures rematerialize. Consequently, EUR/CHF is up 17 pips at 1.3366 after trading between 1.3284 and 1.3392.
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