CHF muted after Swiss CPI data

Swiss CPI inflation data for May was released this morning at 7:30 am BST. Data came in-line with market expectations and showed a deceleration in headline measure from 2.6% to 2.2% YoY. This is the lowest reading since February 2022. Core gauge slowed from 2.2% to 1.9% YoY, slighly more than expected. As such an outcome was expected, there was no major reaction on CHF market.

Switzerland, CPI inflation for May:

Headline (annual): 2.2% YoY vs 2.2% YoY expected (2.6% YoY previously)
Headline (monthly): 0.3% YoY vs 0.3% MoM expected (0.0% MoM previously)
Core (annual): 1.9% YoY vs 2.0% YoY expected (2.2% Yot previously)

USDCHF saw barely any reaction to Swiss CPI print. Pair continues to test a short-term 0.9110 resistance zone. Source: xStation5

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