Forex News: Swiss Retail Sales Rise Less Than Expected
THE TAKEAWAY: Swiss retail sales rose 2.1% in November from November of the previous year, less than expected -> Franc continues to strengthen despite the disappointment
Swiss retail sales increased 2.9% (real) between November 2011 and 2012, thereby disappointing expectations for annual sales to rise 3.4%, but better than October’s 2.7% year over year rise in retail sales. Retail sales were 0.5% higher (real) on a monthly basis, according to the Swiss Statistics Office.
Sales of food, drinks, and tobacco were up 2.1% in November from November of the previous year. The non-food sector showed a growth of 2.4% over the same period of time.
Despite the lower than expected retail sales, the Swiss Franc continued to strengthen against the Euro in currency trading. The Franc rise may have been an unwinding of some of the recent gains seen in EURCHF. The pair may continue to see resistance at the 1.2400 line, and support may be provided by the previous high at 1.2183.
EURCHF DAILY: January 16, 2013
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.