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Swiss Economic Survey Remains Negative Following Q2 Contraction

Swiss Economic Survey Remains Negative Following Q2 Contraction

Benjamin Spier, Technical Strategist

THE TAKEAWAY: Credit Suisse Economic Survey reported lower at -34.9 -> Negative survey follows surprisingly negative Q2 -> Franc unchanged following report

The Credit Suisse survey of Swiss expectations for economic growth remained negative in September for the fifth consecutive month. The survey was reported at -34.9, lower than August’s -33.3 result. The survey for the current situation reached a five month low at 4.6%, but was still overall positive.

The lower survey is in line with the surprisingly negative GDP that was reported during Q2, when the economy contracted 0.1%.

The Swiss Franc did not significantly react to the negative survey; EURCHF continued trading just below 1.2100. Last week, the pair set a new 8-month high just above 1.2175, but has reversed last week’s rally in this week’s trading.

EURCHF 15-minute: September 19, 2012

Swiss_Economic_Survey_Remains_Negative_Following_Q2_Contraction_body_usdchf.png, Swiss Economic Survey Remains Negative Following Q2 Contraction

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