Swiss Franc Gains Despite Falling PPI

The Swiss franc gained on most major currencies today, which was surprising considering risk appetite on markets and poor macroeconomic data in Switzerland.
Switzerland’s Federal Statistical Office reported that the Producer Price Index fell 0.7% in January from the previous month after decreasing 0.6% in December. Analysts had predicted a smaller decline by 0.4%. The report explained that lower prices for petroleum products was the main reason for the decline.
USD/CHF fell from 1.0090 to 1.0069 as of 16:18 GMT today, reaching the low of 1.0053 intraday. EUR/CHF declined from 1.1362 to 1.1351 after rallying to the daily high of 1.1382 earlier.

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