Swiss Franc Loses Gains, Rising CPI Unable to Help

The Swiss franc attempted to rally during the Tuesday’s trading session on risk aversion caused by bad news from China. The Swissie failed to hold onto gains, though, and retreated against all other most-traded currencies by the end of the trading session. Positive domestic data was unable to support the currency.
Switzerland’s Federal Statistical Office reported that the Consumer Price Index rose 0.4% in February from the previous month, matching market expectations exactly. The index dropped 0.3% in January. Year-on-year, the consumer prices rose 0.6%.
The report commented on the result:

The 0.4% increase compared with the previous month can be explained by several factors including rising prices for air transport and for international package holidays. In contrast, prices for hotel accommodation and berries decreased.

USD/CHF gained from 0.9989 to 1.0043 as of 22:24 GMT today. EUR/CHF advanced from 1.1327 to 1.1356. CHF/JPY declined from 111.84 to 111.33.

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