EURCHF Exchange Rate

Eurozone consumers' inflation expectations remained stable in July, the latest consumer expectations survey published by the European Central Bank showed on Friday. Inflation expectations for the coming year was steady at 2.8 percent after having fallen in May to their lowest level since September 2021. Inflation expectations for the next three years also remained unchanged in July.

France's consumer confidence improved slightly in July ahead of Olympic Games, survey results from the statistical office INSEE showed on Friday. The consumer confidence index climbed to 91 in July from revised 90 in June. The index remained below its long-term average. The score was forecast to rise to 90 from June's initially estimated value of 89.

The Swiss franc weakened against other major currencies in the Asian session on Friday.

Amid political uncertainty, France's manufacturing confidence weakened to the lowest since late 2020 largely due to weaker general and personal production expectations, survey data released by the statistical office INSEE showed on Thursday. The business climate index in manufacturing declined to 95 in July from 99 in June. This was the lowest reading since December 2020.

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: The SNB brought the CHF back to the downside by cutting the rate

Expert market comment made by senior analyst Alex Kuptsikevich of the FxPro Analyst Team: CHF renewed its decline on weak inflation

Last Thursday marked the conclusion of February, closing with a surge in equities. The market attributed these movements to the in-line Personal Consumption Expenditures (PCE) print, which alleviated concerns of another spike in inflation.

The CHF's Mardi Gras celebrations are devoid of any late indulgence, as its February losses have deepened due to the unexpected downturn in the Swiss CPI data. Credit Agricole longstanding warning about the CHF's robust start to 2024, coupled with the SNB's altered stance on FX interventions in December, has manifested in the currency's struggles.