Swiss Franc Gains Despite Slowing CPI

The Swiss franc was behaving similar to the Japanese yen today, rising against its rivals due to waning risk appetite. Negative domestic macroeconomic data was unable to prevent the rally.
The Federal Statistical Office reported that the Swiss Consumer Price Index fell 0.3% in November from the previous month after increasing 0.2% in October. Analysts had expected a smaller decrease by 0.1%. The report commented on the result:

The 0.3% drop compared with the previous month can be explained by several factors including falling prices for international package holidays and overnight stays in hotels. In contrast, prices rose for diesel and bedroom furniture.

USD/CHF was down from 0.9977 to 0.9930 intraday, though the currency pair has rebounded to 0.9972 by 15:58 GMT today. EUR/CHF declined from 1.1328 to 1.1320 after rallying to 1.1348 earlier.

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