The Swiss Franc was little moved against most of its peers on Friday despite the release of data which showed that the Swiss economy is likely to pick up speed in the first half of 2014.
The Swiss Economic Institute known as KOF published its KOF economic barometer, which looks at how the Swiss economy is likely to perform over the next six months. The survey showed that the country’s economic mood is likely to improve and that exports to the Eurozone are likely to increase as the single currency region sees a recovery.
“The new development of the KOF economic barometer reinforces confidence in the current upswing phase of the Swiss business cycle,” KOF economists said. “The Swiss economy is expected to gain further momentum.”
The KOF report adds to the sense of optimism in Switzerland. In December the State Secretariat for Economics (SECO) increased its growth forecasts for the economy. It expects the Swiss economy to accelerate over the next two years to post growth of 2.7% by 2015.
The currency was unable to post gains however after a manufacturing output index for December came in lower than expected. The Purchasing Managers Index fell to 53.9 points in December from 56.5 points in November. The figure was the lowest since June when it was 51.9.
Despite the decline, the PMI remained above the 50 point threshold for a ninth straight month, signalling growth. The slowdown suggested that there was a slowdown in business activity in the Alpine nation.
Current Swiss Franc (CHF) Exchange Rates
Swiss Franc/ Euro Exchange Rate is currently in the region of: 0.8133
Swiss Franc/US Dollar Exchange Rate is currently in the region of: 1.1099
Swiss Franc/ Pound Sterling Exchange Rate is currently in the region of: 0.6741
Swiss Franc/ Australian Dollar Exchange Rate is currently in the region of: 1.2343
(Correct as of 10:30 am GMT)
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