Swiss Bank UBS released their UBS Swiss consumption indicator this morning which declined to 1.58 in April from a revised 1.68 in the previous month.
UBS said in a statement that “This value is still slightly above the long-term average of 1.5 and indicates moderate growth in Swiss consumption year-on-year.”
UBS believes that consumer sentiment may have been adversely affected by negative reporting on the European debt problem and Japanese disaster. Fundamentally though, UBS Economic Research still has a positive outlook for consumers.”
Upon release of the news at 0600GMT, the Swiss Franc gained against the US Dollar and the Euro.
USDCHF dipped to a low of 0.8518 from a high of 0.8537. Meanwhile, EURCHF dropped from a high of 1.2279 to a low of 1.2254 within 20 minutes.