Swiss Economy Improving According to Confidence Survey
THE TAKEAWAY: ZEW credit survey reported at -42.5, up from June -> More signs of an improving Swiss economy -> Swiss Franc falls along with other risk-correlated currencies
Swiss investor confidence saw a small boost in July, but still overall negative. The Credit Suisse ZEW survey for expectations was reported at -42.5%, versus -43.4% in June. However, the survey for current economic situation dropped from 19.7% to 18.4% in July.
The survey comes in line with other indications of a resilient Swiss economy, despite the surrounding Euro crisis. Last week, Swiss unemployment was reported unchanged at a low 2.7% for June.
Swiss Franc dropped against the US Dollar following the survey, falling in line with dips in other risk-correlated currencies. The USDCHF rally is unlikely related to the ZEW survey, but possibly due to Merkel’s comments or negative yields in Germany’s sale of 2-year notes.
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