Switzerland retail sales miss expectations, fall 3.5 pct y/y in December

Switzerland provisional retail sales report released by the Federal Statistical Office showed on Thursday that Swiss retail sales declined more than expected in December. Data showed Switzerland's retail sales for December fell by 3.5 percent year-on-year, missing forecasts for 0.7 percent fall.

On a monthly basis, retail sales declined 2.4 percent. In nominal terms, retail sales decreased 2 percent from November and by 4.3 percent from previous year. Details of the report showed excluding service stations, the retail sector fell of 3.7 percent annually in real terms and by 4.6 percent in nominal terms in December.

Retail sales of food, drinks and tobacco registered a decline in nominal turnover of 5.0 percent (in real terms -5.7 percent), whereas the non-food sector registered a nominal negative of 4.7 percent (in real terms -2.3 percent).

As of 1020 GMT, the Swiss franc was trading at 0.9875 against the USD, 1.0681 against the euro, 1.2517 against the U.S. pound and 113.68 against the yen. Meanwhile, FxWirePro's Hourly CHF Strength Index remained neutral at 49.5043 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex.