USD/CHF edges up above 0.7000 following negative Swiss CPI data
|- USD/CHF climbs back above 0.7700 but remains on track for a 0.5% weekly decline.
- Negative Swiss CPI figures have added pressure on the Swissie.
- Investors remain cautious on Friday, awaiting the release of January's US CPI data.
The US Dollar (USD) posts moderate gains against the Swiss Franc (CHF) on Friday, returning to levels above 0.7700 to trade at 0.7714 at the time of writing. The pair, however, remains trapped within the last two days' trading range, and is on track for a 0.5% weekly loss.
The CHF drops against its main peers on Friday following negative inflation figures in Switzerland. Consumer Prices Index (CPI) data released on Friday has shown a 0.1% contraction in January, below expectations for a flat reading, while annual inflation remained steady at 0.1%, meeting the market consensus.
Pressure on the SNB to cut rates below zero
These figures add pressure on the Swiss National Bank to ease its monetary policy further, bringing the benchmark interest rate below the current 0% level, a measure that SNB President Martin Schlegel is reluctant to adopt. Nevertheless, Schlegel affirmed last week that inflation is the bank’s greater concern and that they will do everything they can to ensure price stability, which leaves all options open.
The US Dollar, on the other hand, is enjoying a mild tailwind on Friday, favoured by the risk-averse market mood amid the latest AI-induced reversal in equity markets.
Investors, however, remain reluctant to place large directional bets on the US Dollar, awaiting the release of the US CPI figures, due later on the day, aiming for further insight into the US Federal Reserve’s (Fed) monetary policy. US headline CPI inflation is expected to have remained steady at 0.3% in January, and to have eased to a 2.5% year-on-year rate, from 2.7% in December.
Economic Indicator
Consumer Price Index (MoM)
The Consumer Price Index (CPI), released by the Swiss Federal Statistical Office on a monthly basis, measures the change in prices of goods and services which are representative of the private households’ consumption in Switzerland. The CPI is the main indicator to measure inflation and changes in purchasing trends. The MoM figure compares the prices of goods in the reference month to the previous month. Generally, a high reading is seen as bullish for the Swiss Franc (CHF), while a low reading is seen as bearish.
Read more.Last release: Fri Feb 13, 2026 07:30
Frequency: Monthly
Actual: -0.1%
Consensus: 0%
Previous: 0%
Economic Indicator
Consumer Price Index (YoY)
The Consumer Price Index (CPI), released by the Swiss Federal Statistical Office on a monthly basis, measures the change in prices of goods and services which are representative of the private households’ consumption in Switzerland. The CPI is the main indicator to measure inflation and changes in purchasing trends. The YoY reading compares prices in the reference month to the same month a year earlier. Generally, a high reading is seen as bullish for the Swiss Franc (CHF), while a low reading is seen as bearish.
Read more.Last release: Fri Feb 13, 2026 07:30
Frequency: Monthly
Actual: 0.1%
Consensus: 0.1%
Previous: 0.1%
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