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Swiss National Bank's (SNB) January move to remove Euro peg has finally started to take its toll on economic activities.
- Swiss PMI has remained in contractionary zone for four consecutive months, starting from January, as per latest reading. For April PMI was at 47.9.
- Unemployment rate still very low, but edged up to highest level since 2012. Unemployment rate is currently at 3.3%.
- Consumer prices and producer prices show, deflation has hit worst level since crisis. For April, Consumer prices declined at -1.1% y/y and producer prices fell by -5.2% from a year ago.
- Real retail sales have hit worst level, since Euro zone crisis of 2011. In April, sales dropped by -2.8% y/y after -2.7% decline in March.
- Industrial production deceleration reached worst level since early 2012. Growth decline by -5% in first quarter.
Today, first quarter GDP details are to be released at 5:45 GMT. Swiss economy is expected to contract in the first quarter for the first time since September 2012, by -0.1%.
The condition of the economy doubts SNB' ability to improve economic health and fulfil its objective of price stability.
Swiss franc will remain at elevated level against Dollar and Euro, unless SNB comes up with any big bazooka to stimulate economic activities. Franc is currently trading at 0.942 against dollar.
