SNB sets CHF 1.20 per euro
Switzerland's Consumer Price Index was release today, Tuesday, announcing that the change in the price of goods and services purchased by consumers dropped more than economists' had expected. Actual index figures were reported to be down at -0.3% for the month of August, as opposed to the forecasted -0.1%.
July's index was an even bigger drop last month, when the CPI dropped to -0.8%.
Furthermore, SNB (Swiss National Bank) set the minimum exchange rate at 1 EUR = 1.20 CHF. The Swiss Franc is claimed overvalued and a threat to the Swiss economy, therefore aimed for 'a substantial and sustained weakening' as reports by SNB read.
The Swiss Franc will still aim to be lowered over time even at the rate of CHF 1.20, which is still considered too high.
