Franc Rises on Improved Swiss Retail Sales
THE TAKEAWAY: Swiss retail sales rise 5.1% from December 2011 -> Fastest increase in sales in four months -> Franc rises slightly
Swiss retail sales rose by a 4-month record rate in December, thereby possibly adding to signs of improved economic growth in Q4. Sales rose an annual 5.1% (real), higher than the 3.0% rise in sales seen in November, according to the Swiss Statistics Office.
Following a quarter of economic contraction, the Swiss economy expanded 0.6% in the third quarter of 2012. In December, the government predicted 1% growth in 2012, followed by 1.3% rise in GDP in 2013. Signs of stronger economic growth are Swiss Franc positive.
The Swiss Franc rose slightly against the Euro following the improved retail sales. EUR/CHF is trading around 1.2280 at the time of this writing, and support could be provided by a 3-week low of 1.2255.
EUR/CHFDaily: February 8, 2013
Chart created by Benjamin Spier using Marketscope 2.0
-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to firstname.lastname@example.org .
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.