The Swiss franc eased from multi-day highs against other major currencies during early European deals on Tuesday after the release of Switzerland’s Consumer Price Index report at 3:15 am ET. The franc eased from a 4-day high against the yen, 5-day high against the pound and near a 12-week high against the U.S. dollar. Meanwhile, the franc fell to a 4-day low against the euro, from a 4-day high hit recently.
The data released by the Federal Statistical Office showed that consumer price inflation slowed to 0.5% in June from 1.1% in May. The rate was much smaller than the expected figure of 0.9%. A year ago, consumer prices had dropped 1%. On a monthly basis, prices fell 0.4% in June, which was slightly faster than a 0.1% decline economists had foreseen.
The Swiss franc that rose to a 4-day high of 83.12 against the yen at 2:50 am ET weakened slightly thereafter. At present, the franc-yen pair is trading at 82.83, compared to yesterday’s close of 82.47. If the franc falls further, it may target around early Asian session’s 4-day low of 82.03.
Japan’s leading index fell for the second consecutive month to 98.7 in May, data from Cabinet Office showed today. In April, the index had dropped to 101.7, which was the first fall since February 2009. Economists were expecting the index to fall to 98.9.
Against the pound, the franc slipped after hitting a 5-day high of 1.6044 at 2:50 am ET. The pound-franc pair, which was worth 1.6120 at yesterday’s close, is now trading at 1.6142. On the downside, the franc may target around the 1.626 level.
The franc that advanced to near a 12-week high of 1.0566 against the dollar at 2:55 am ET reversed its course thereafter. As of now, the franc is trading at 1.6021 against the greenback with 1.067 seen as the next downside target level. At yesterday’s close, the franc was worth 1.0649 against the greenback.
Presently, the franc is trading at 4-day low of 1.3371 against the euro, fell from a 4-day high of 1.3286 hit at 2:40 am ET. The franc may target around 1.344 level, if it drops further. The franc bought 1.3350 against the euro at Monday’s close.
From the U.S., ISM non-manufacturing composite index for June will be released at 10:00 am ET.
