Swiss Franc Firm Despite Disappointing PPI

The Swiss franc rose versus some of its most-traded counterparts, though not against the rather strong euro, even as the growth of the Producer Price Index trailed market expectations.

The Federal Statistical Office reported that the PPI rose 0.2% in May from the previous month. That is compared to the predicted increase of 0.3% and the 0.4% gain registered in April. The report cited the following reason for the increase of the index:

The rise is due in particular to higher prices for petroleum products.

USD/CHF edged down from 0.9866 to 0.9859 as of 13:33 GMT today after rallying to 0.9895 earlier. At the same time, EUR/CHF gained from 1.1585 to 1.1609.

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