Swiss CPI m/m comes in at 0.4% against 0% consensus

Swiss Consumer Price Index (CPI) month over month was reported at 0.4%. This figure exceeded the consensus expectation of 0%. The previous month’s reading was -0.1%. The actual print represents a notable increase compared to both the prior month and analyst forecasts.

Following the release, the Swiss franc generally strengthened against major currencies. USDCHF moved -18 pips one hour after the data, compared to a median 1-hour move of 8 pips and top-quarter moves of 16+ pips after past releases. EURCHF declined -16 pips, while GBPCHF fell -18 pips. CADCHF moved -8.6 pips, and AUDCHF moved -5.6 pips. NZDCHF saw a -2.8 pip move. CHFJPY moved -13 pips one hour after the release. The moves in AUDCHF, CADCHF, and NZDCHF were relatively small compared to their historical top-quarter moves.