The Swiss franc traded around 0.79 per USD, holding close to July 2011-highs, amid a subdued dollar and waning expectations of rate cuts by the Swiss National Bank. Swiss consumer prices increased 0.1% in June, reversing May’s decline and hitting a three-month high, aligning with the SNB’s 0-2% inflation target and pointing to renewed stability. This development is likely to offer some relief to policymakers, who responded to significant franc inflows with another interest-rate cut in June to zero.