The Swiss franc started the current trading session rising but reversed its movement about the same time as the disappointing Producer and Import Price Index was released. The traders’ risk-positive mentality did not help the currency either.
The Swiss PPI declined 0.1% in June compared to the previous month. While the reading was not as bad the May’s drop by 0.3%, it was still worse than the median forecast that promised no change.
Besides the poor economic data, the Swissie was hurt by the market sentiment that favored riskier currencies.
USD/CHF ticked up from 0.9651 to 0.9665 as of 14:00 GMT today after falling to 0.9615 earlier. EUR/CHF opened at 1.1013, dropped to the session low of 1.0983, but bounced to trade at about 1.1023 later.
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