Swiss Franc Ignores Falling Consumer Prices

The Swiss franc rallied against other most-traded currencies today despite falling consumer prices in Switzerland. Risk aversion was the reason for the currency’s strength.
Switzerland’s Federal Statistical Office reported that the Consumer Price Index fell 0.5% in July from the previous month after showing no change in June. Analysts had predicted a bit smaller decrease of 0.4%.
Escalating trade tensions between the United States and China bolstered safer currencies, like the franc and the yen.
USD/CHF sank from 0.9902 to 0.9817 as of 17:21 GMT today. EUR/CHF tumbled from 1.0977 to 1.0911.

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