Swiss CPI today and $EURCHF reaction
Saw the Swiss CPI numbers come in this morning, 1.3% y/y, which is pretty much what most were expecting. Doesn't give the SNB much reason to shift their stance too aggressively, still well within their target range. Not seeing a huge move in $EURCHF, sitting around 0.93474, holding the recent range. It just reinforces that the SNB isn't feeling any immediate pressure to cut again without a clearer signal from the ECB or a significant weakening in domestic demand. Keeps my general cautious view on Swiss Franc strength, especially against the Euro, in play for the foreseeable future.
Yeah, it's pretty much a non-event at this point. Seems like the market has priced in the SNB's current stance, and anything within target isn't going to rock the boat much. Just consolidating, which is kind of expected.