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Swissy Reverses Early Gains As Headline CPI Matches Market & SNB Forecasts

CHF
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EUR/CHF and USD/CHF are now a little higher on the day after headline Swiss CPI data matches expectations, holding steady in May. Meanwhile, the core Y/Y reading was also steady, despite survey expectations for 0.1ppt uptick.

  • The CHF now trades in the middle of the G10 pack after outperforming peers ahead of the data, as participants were wary of the release following recent SNB rhetoric.
  • A reminder that SNB President Jordan had flagged small upside risks to the SNB’s +1.4% Q2 CPI forecast. That didn’t emerge in today’s reading, explaining the move in CHF, although June’s data is still to come further down the road.
  • Yesterday’s low in EUR/CHF held during the early CHF rally.
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EUR/CHF and USD/CHF are now a little higher on the day after headline Swiss CPI data matches expectations, holding steady in May. Meanwhile, the core Y/Y reading was also steady, despite survey expectations for 0.1ppt uptick.

  • The CHF now trades in the middle of the G10 pack after outperforming peers ahead of the data, as participants were wary of the release following recent SNB rhetoric.
  • A reminder that SNB President Jordan had flagged small upside risks to the SNB’s +1.4% Q2 CPI forecast. That didn’t emerge in today’s reading, explaining the move in CHF, although June’s data is still to come further down the road.
  • Yesterday’s low in EUR/CHF held during the early CHF rally.