Swiss Franc Reverses Rally After Disappointing PPI

The Swiss franc started the current trading session rising but reversed its movement about the same time as the disappointing Producer and Import Price Index was released. The traders’ risk-positive mentality did not help the currency either.
The Swiss PPI declined 0.1% in June compared to the previous month. While the reading was not as bad the May’s drop by 0.3%, it was still worse than the median forecast that promised no change.
Besides the poor economic data, the Swissie was hurt by the market sentiment that favored riskier currencies.
USD/CHF ticked up from 0.9651 to 0.9665 as of 14:00 GMT today after falling to 0.9615 earlier. EUR/CHF opened at 1.1013, dropped to the session low of 1.0983, but bounced to trade at about 1.1023 later.

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