Swiss UBS consumption indicator rises in Nov, strong domestic tourism supports

Switzerland's private consumption increased in November, survey data from the UBS investment bank showed Wednesday. Swiss UBS consumption indicator climbed to 1.43 points in November from 1.39 in the previous month, which was revised down from 1.49.

Data was slightly below economists' expectations for a reading of 1.5 but hit the highest levels since August 2001. Details of the report showed that the rise was mainly driven by domestic tourism. The Swiss automobile market also provided positive contribution in November. New vehicle registrations grew 0.4 percent year-over-year.

Looking forward, pace of growth in private consumption may moderate over the coming year in general. Drop in purchasing power and the structural challenges of the retail trade may well obstruct dynamic development of private consumption in the coming year, the UBS said.

The franc was little changed against its major counterparts after the release of UBS consumption indicator. USD/CHF was trading at 0.14 pct higher on the day at 1.0289 while EUR/CHF was down 0.02 pct at 1.0740 at 09:40 GMT