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Swiss Leading Indicator Falls to Record Low in April as Global Trade Deteriorates

Wednesday, 29 April 2009 10:38:38 GMT  |  David Song, Currency Analyst, Geng Chen, DailyFX Research

The KOF leading indicator for Switzerland plunged to -1.86 in April, which is the lowest level since the series began in 1991, while the reading for February were revised slightly higher to -1.65 from an initial reading of -1.79. The data continues to highlight a weakening outlook for the export-driven economy as the region faces its worst economic downturn in more than three decades

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CHFUSD – The KOF leading indicator for Switzerland plunged to -1.86 in April, which is the lowest level since the series began in 1991, while the reading for February were revised slightly higher to -1.65 from an initial reading of -1.79. The data continues to highlight a weakening outlook for the export-driven economy as the region faces its worst economic downturn in more than three decades, and conditions are likely to get worse this year as trade conditions falter. For more news and resources, visit the new Swiss franc Currency Room.

EURUSD – Economic confidence in the Euro-Zone bounced back from the record low as the index increased to 67.2 from a revised reading of 64.7 in March, while a deeper look at the report showed industrial confidence improved to -35 from -38. In addition, service-sector sentiment rose to -24 from -25, while consumer confidence improved to -31 from -34 however, the gauge measuring expectations for major purchases held steady for the third consecutive month in April, which underscores the drop in the construction and retail confidence index. Meanwhile, the Euro-Zone retail PMI rose to 48.4 from 44.1 in March, whereas the PMI reading for Germany increased to 48.9 from 44.4, and the data fosters an improved outlook for growth and inflation but nevertheless, as the ECB expects the economic activity to fall further this year, conditions are likely to get worse as the region faces its worst recession in over half a century. Discuss the topic and your trade ideas in the EUR/USD Forum.

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