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Removal of Euro-Franc Peg in January by Swiss National bank isn't turning out as pessimists thought it would be. After mild slowdown in economic activity for few months after the initial jolt, Swiss manufacturing is continuing to pose its resilience.
- Yesterday, KOF leading indicator improved in August, overwhelming the expectation of a deterioration by most of the economists surveyed by Bloomberg. The indicator improved to 100.7 in August from 100.4 in July, beating median estimate of 99.5.
And, today's PMI data gave evidence that improvement in the indicator hasn't been a fluke.
- SVME PMI for August improved to 52.2, much better than prior 48.7 in July and beating analysts' estimate of 49.7.
This improvement strengthens the idea that in spite of strong Franc and slowdown in China, Swiss manufacturing products are finding customers and growing.
Franc on the other hand is likely to consolidate as two forces are clearly fighting to gain control over the currency. Swiss National Bank is attempting to push Franc lower with regular intervention and safe haven flows bidding Franc in time of global turmoil.
USD/CHF is currently trading at 0.962, down -0.33% today so far.
