Swiss deflation data trigger downside correction Franc

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Swiss consumer prices fell by -1.1% yoy, and by 0.2% compared to the previous month,  as a result, the value of the Swiss Franc against the Dollar declined by 0.32%, according to the latest data provided by the Swiss Federal Statistics office.

Driven by election results in the UK, the British Pound gained by 1.52% against the sterling, while the impact on the exchange rate between Franc and Euro remained less sharp, with the Franc continuing to gain against the Euro according to Bloomberg data.

The Swiss National Bank has abandoned the fixed exchange rate between Euro and Franc earlier this year, leading to a sharp appreciation of the Franc in the medium term.

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