Switzerland's consumer confidence improves slightly in October

Survey data from the State Secretariat for Economic Affairs (SECO) on Thursday showed Switzerland's consumer confidence improved slightly in October. Switzerland's consumer sentiment index rose to -13 in October, from -15 in July, in line with expectations.

Assessment of the general economic situation was slightly stronger and there was a significant improvement in expectations of the situation over the next 12 months, which should help underpin spending levels. Nonetheless, the overall index has remained below its long-term average of -10 for over a year as underlying caution continues.

The sub-index for the outlook for the economy over the coming months was considerably better than in July, rising to -6 points from -19. The sub-index showing outlook for financial situation or the ability to save money dropped to -6 from -2. The overall expectations also suggest that consumer spending will remain firm.

The Swiss franc gains against the Euro and USD after consumer confidence data. EUR/CHF was trading at 1.0785, while USD/CHF was trading at 0.9715 at around 09:45 GMT.