Swiss data and the franc that jumps on a calm morning

[Fairman]

Swiss data and the franc that jumps on a calm morning

Swiss inflation, retail sales, and the KOF indicator are not market-moving events for most traders. But USDCHF and EURCHF react, sometimes more than expected, because of how thin the Swiss franc market is.

Release times are early, around 8:30am Zurich, which is 7:30am London, in the middle of the European open. Spreads on CHF pairs are already a bit wider, and a surprise can send them spiking.

The franc has the additional quirk of being a safe haven. In a risk-off period, the pair moves on global headlines. In a risk-on period, it follows the euro. Swiss data is usually the smaller factor, but it can tip the balance in a quiet moment.

The Swiss National Bank's quarterly decisions are the major events. They arrive at 9:30am Zurich with a press conference an hour later, and the pair can move 50 to 100 pips.

A calendar for Swiss events isn't on most retail traders' radar, which is why the surprises feel unfair.

Which Swiss release has caught the pairs here most off guard?