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European Economic Data Preview: Switzerland Retail Sales
Tuesday, 18 November 2008 02:43:17 GMT  |  Ilya Spivak, Currency Analyst
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Switzerland’s Retail Sales are expected to rebound a bit, adding 0.8% in the year to September having ground to a halt in the preceding period. Still, it would be premature to call this a come-back: consumer confidence sank to the lowest level in 5 years in the three months to October, suggesting more weakness lies ahead. The Swiss National Bank unexpectedly cut benchmark borrowing costs by 0.50% in concert with the BOE and ECB earlier this month, warning that deterioration in the global economic outlook will adversely affect the mountain nation such that “growth in 2009 might even be negative.” Although bond yield forecasts and overnight index swaps point to inaction from the SNB at least until 2010, another surprise cut (likely as part of a coordinated European effort) cannot be ruled out.

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