- The year-over-year CPI for August is forecasted to decrease to 1.2% from 1.3% in July, with a slight month-over-month increase of 0.1%. This inflation data is crucial as it could influence the Swiss National Bank’s (SNB) monetary policy decisions.
Switzerland’s Consumer Price Index (CPI) for August is forecast to show a year-over-year increase of 1.2%, down from 1.3% in July. On a month-over-month basis, CPI is expected to rise by 0.1%, rebounding from the prior month’s 0.2% decline.
The figures, due on Tuesday, come as Swiss National Bank (SNB) President Thomas Jordan recently acknowledged the challenges posed by the strong Swiss franc on the nation’s industry.
Speculation is mounting over whether the central bank will respond with a 50-basis-point rate cut in September or intervene in the currency markets to ease pressures.
Bear in mind, Jordan, who has steered the SNB for over a decade, will step down at the end of September 2024, marking the end of an era for Swiss monetary policy.
On the daily chart, we can see that USDCHF broke the August low last week. The near-term resistance is possibly around 0.8590.
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