周三（7月16日），美元兑瑞郎汇价在经历前一日的反弹后，于0.8020一线遭遇上方压力。昨日美国CPI数据显示消费者价格压力依旧，对美联储短期内降息的预期形成压制，使美元获得上行动能。与此同时，瑞士6月生产者及进口物价指数环比下降0.1%、同比下降0.7%，引发市场对瑞士通缩的担忧，并增加瑞士央行进一步宽松的可能性。随着市场重心转向晚间即将公布的美国6月PPI数据，美元兑瑞郎短线进入盘整格局。美国6月消费者价格指数显示核心通胀年率回落至3.3%，但服务价格维持高位，显示通胀粘性依旧强劲。市场对美联储7月维持利率不变的预期已基本定价，同时9月降息概率降至54%，较一周前的近70%显著下降，这使得美元在利率定价预期中获得支撑。反观瑞士，持续走软的PPI数据叠加近期瑞郎实际有效汇率偏强，使瑞士央行面临更大通缩压力。市场猜测瑞士央行或将在下半年再次下调政策利率至负值区域，以维持价格稳定与出口竞争力。利差预期的进一步拉大，正在构建美元兑瑞郎的多头基础。
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