Swiss Trade Balance (MAR)
Actual:??? 1.11B
Consensus:? 0.72B
Previous:??? 1.25B (Revised lower from 1.38B)
The Swiss trade balance was considerably worse than expected, as a sharp drop in export growth led the figure to its lowest sine December of 2006. This stands in contrast to expectations of continued strength in external demand, with a weak Swiss Franc making domestic goods more competitive abroad. Indeed, a real month-over-month 4.5 percent gain in Imports far outweighed a meager 0.9 percent advance in same-month exports. The report underlines robust domestic consumption, while the disappointing export number highlights fears of slowed demand from the Euro Zone and beyond.
The USDCHF gained over twenty points in the moments following the report, but a subsequent retracement has left the Swissie only ten points off following the report.