Franc Gains Despite Unfavorable Data

The Swiss franc gained today even as fundamentals were not supportive for the currency, suggesting that the central bank will keep the cap on the currency intact. The franc lost to the Japanese yen during the current session.
Consumer sentiment fell from -5 to -9 in July instead of improving to -2 as economists have hoped for. The Consumer Price Index fell by 0.4 percent last month, in line forecasts. Consumer prices rose 0.1 percent in June.
The data was not supportive for the franc at all, giving the Swiss National Bank no reason to lift the ceiling on the currency. Yet the Swissie managed to gain against some other majors. The franc lost to the yen, but the Japanese currency was simply too strong, outperforming all other most-traded currencies.
USD/CHF fell from 0.9256 to 0.9215 as of 21:31 GMT today after rising to 0.9287 earlier. EUR/CHF dropped from 1.2316 to 1.2289. CHF/JPY declined from 105.53 to 104.52.

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