Swiss November manufacturing PMI plundged to 35.2 from 47.0 in October, far below the Reuters median for 44.0 and follwoing the weakest KOF leading indicator reading in over five years. A breakdown of the headline reading shows the production sub-index slump 21.3 points to 27.7, while orders fell by 13.5 points to 29.9. Purchases prices countinues to fall, as could be expected given the fall in commodity prices. Overall, data highlights the rapid deterioration of the Swiss economy, with the SNB likely to cut rates further.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.
