Swiss price pressures have come in weaker than expected. Swiss CPI for January showed a -0.8% month on month fall compared to a median forecast calling for a -0.4% contraction, with Winter sales and the continued decline in oil prices having a greater than expected impact. The year on year rate came in at +0.1% someway lower than the median forecast of +0.6%.
Meanwhile swissy remains somewhat weak, EUR/CHF around 1.5100. The swiss franc continues to be undermined by ongoing comments from Swiss central bankers indicating that they may turn to quantitative easing, possibly by selling swiss francs.