Economic indicators for the months of March and April have been announced in Switzerland at values that have shown a decline. More specifically the retail sales figures for the year ending at March have declined by 0.2% compared to the previous month’s year end that showed a 1.5% rise. Furthermore the country’s Purchasing Managers’ Index (PMI) for April was announced at 58.4 being lower from the market speculated value of 60 and from the 59.3 that was announced in March. Following the news announcement there was some volatility generated, however at small levels. The USD had been making gains over the CHF since the early hours of the Asian Session where Osama bin Laden was announced to have been found dead and therefore some weak data for the Franc did not appear that important at the current time.
The Manufacturing Purchasing Managers Index shows business conditions in the manufacturing sector. It is an important indicator of production growth in Switzerland. A reading above 50 is associated by hawkish behavior of the currency while under 50 with bearish.