Swiss CPI inflation data for May was released today at 7:30 pm BST. Report was expected to show annual inflation remaining unchanged at 1.4% YoY, but monthly reading was expected to show an acceleration from 0.3% MoM in April to 0.4% MoM in May. Reading was watched closely by CHF traders after SNB decided to unexpectedly cut rates at its Q1 policy meeting. Next SNB rate decision is scheduled for June 20, 2024.
Actual report matched expectations when it comes to annual CPI. Monthly CPI came in slightly lower than expected at 0.3% MoM. However, it should be said that there was an almost equal split in expectations for monthly reading, between 0.3% and 0.4%. CHF weakened following the release, with USDCHF erasing daily drop.
Switzerland, CPI inflation for May
- Annual: 1.4% YoY vs 1.4% YoY expected (1.4% YoY previously)
- Monthly: 0.3% MoM vs 0.4% MoM expected (0.3% MoM previously)
USDCHF erased daily drop after Swiss CPI data. Source: xStation5
Economic Calendar - Global series of industrial PMI indicators and tech giants' results
📊Morning Wrap: Oil falls after Qatar talks. China injects liquidity, while the US prepares for elections.
Gold prices drop sharply at the end of October. The collapse of the safe-haven myth or a search for liquidity?
ECB Holds Rates Unchanged💶 EURUSD down 📉