BREAKING: Switzerland enters a deflation for the first time since 2021

CPI rate for May: -0,1% YoY (Forecast: -0,1% YoY and previous: 0,0% YoY)

CPI monthly: 0,1% MoM (Forceast 0,1% MoM and previous 0,0% MoM)

Swiss CPI Enters Deflation for First Time Since 2021

Switzerland's Consumer Price Index (CPI) has entered deflationary territory, marking the first time since 2021, though the readings were broadly in line with market expectations. At its upcoming June meeting, the Swiss National Bank (SNB) is widely anticipated to cut interest rates, which would bring the key policy rate to zero. Markets are currently pricing in two rate cuts for the year.

Source: Bloomberg Finance LP

The EUR/CHF currency pair has shown little reaction to today's inflation data, remaining at a relatively low level from a year-to-date perspective. The Swiss franc has recently been perceived as a safe-haven currency, leading to its appreciation. This strengthening is not favourable to the central bank, which will once again face the challenge of combating deflation. The EUR/CHF is currently consolidating within a triangular formation, with support identified around the 0.93 level.

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