Switzerland reported a higher than expected increase in price pressures to ease deflation woes slightly, yet generally inflation remains low and still risking more SNB interventions.

The Consumer Price Index in September rose 0.3% reversing the same drop a month earlier and above the expected 0.1% increase. On the year the CPI rose 0.5% after 0.2% and above 0.3% expected.

In EU Harmonized terms the CPI added 0.3% on the month following 0.6% drop and on the year rose 0.2% reversing from 0.3% decline the previous month.

The data ease some of the pressures on the SNB yet still the franc weakened strongly his morning amid ongoing talks of more SNB intervention which the bank refused to confirm.

Swissy weakend against its rivals after the Foreign Currency Reserves in September were reported this morning with a strong rise to 282.4 billion swiss francs from 253.4 billion confirming the bank's commitment to defend the franc and weaken it against its rivals to stave off deflation and recession risks.