The UBS Consumption Indicator was released earlier in the morning today, indicating a decline of 12 basis points compare to the value of January 2011. The reading for February came out at 1.46, while the previous reading was 1.68. Upon the announcement of the data the US Dollar gained some 5 pips against the Swiss Franc to climb to 0.9150, however, the Swissy retreated quickly depreciating all the gains as it is now trading at 0.9144, having previously touched a session low of 0.9142.
The Consumption Indicator is released by UBS and is considered as the most significant component of the country’s GDP for private (consumers) consumption. If the reading is above the expectations gives bullish signals for the Swiss Franc usually.