Swiss GDP Growth eases

Tuesday, 31 May 2011 11:33

Swiss GDP and UBS consumption Indicator were released earlier today.  Gross Domestic Product was released at 0.3 for the first quarter of 2011, weaker than previoud release of 0.8% and reasonably lower than the expectations of 0.6%.   

UBS consumer sentiment declined from 1.69 to 1.59 in April. 

Shortly after the news that Swiss economy is growing slower than expected, USD/CHF made a dive to the current 0.8497 from trading at 0.8537 before the news release.  EUR/CHF also dropped from 1.2279 to 1.2251.