USD/CHF eased off intraday highs after Swiss CPI missed forecasts but stayed within the weekly range and near a one-year high around 0.8140. June m/m CPI slowed to 0.0% from 0.2% in May (market est. 0.1%); YoY inflation fell to 0.5% from 0.6%. The softer prints reinforce expectations the SNB will keep its policy rate at 0% for the remainder of the year and possibly into 2027. With investors upping bets on further Fed hikes, the SNB’s low-rate stance may cap further franc gains. Market attention

USD/CHF eased off intraday highs after Swiss CPI missed forecasts but stayed within the weekly range and near a one-year high around 0.8140. June m/m CPI slowed to 0.0% from 0.2% in May (market est. 0.1%); YoY inflation fell to 0.5% from 0.6%. The softer prints reinforce expectations the SNB will keep its policy rate at 0% for the remainder of the year and possibly into 2027. With investors upping bets on further Fed hikes, the SNB’s low-rate stance may cap further franc gains. Market attention turns to US nonfarm payrolls later today, forecast +110k for June after stronger prior-month gains; traders will look for signs that support a September Fed hike. Dollar upside risk is elevated.