Switzerland July CPI +3.4% vs +3.5% y/y expected

• Prior +3.4%

Swiss consumer inflation holds steady in July, with the monthly reading coming in flat and the annual reading unchanged from June. That said, the core reading was seen up from the 1.9% reading in June to 2.0% in July. The data here should continue to vindicate the SNB's recent policy shift - at least for Q3.