Switzerland’s Retail Sales Data was released today better than expectations. The year on year figure reported an improvement to 1.5% in February which was a huge difference from the forecasted drop of 1.3%, and up from the previous decline of 2.4%.
The Retail Sales Index is produced by the Swiss Federal Statistical Office and measures the change in the total value of inflation-adjusted sales excluding automobiles and petrol stations. It is generally an indicator of consumer demand, so an increase indicates good economic health.
After release of the news at 08:15 GMT, the USDCHF pair rose over 25 pips to hit 0.9233 from opening 0.9200. The US Dollar is buoyed upon anticipation of US Non-Farm Payroll Data later in the day at 13:30GMT. Meanwhile the Swissy isn’t as strong as it used to be in the fourth quarter of 2010 when its demand as a safe-haven currency was high. As the global economy is improving, it is losing its fortitude.