BREAKING: CPI in Switzerland lower than expected

• Actual: 0.8%
• Forecast: 1%
• Previously: 1.1%

CPI in Switzerland for September (m/m):

• Actual: -0.3%
• Forecast: -0.1%
• Previously: 0%

Switzerland's consumer inflation reading for September came in lower than expected. Moreover,  in m/m terms, there is a deflation. The index reading is at its lowest level since August 2021. Such data reinforces the existing policy of the Swiss National Bank (SNB), which was one of the first in Europe to decide to start a cycle of interest rate cuts. As a result, in the first reaction, the Swiss franc recorded a depreciation against a basket of currencies, with the USDCHF pair breaking out near its September highs. 

Source: xStation