Swiss Govt ups 2019 growth forecast to 0.9% vs. 0.8% last, focus shifts to SNB
|The State Secretariat for Economic Affairs' (SECO) released its latest economic forecasts, with the key highlights found below.
Sees 2019 GDP growth at 0.9% (pvs f'cast 0.8%).
Sees 2020 GDP growth at 1.7% (pvs f'cast 1.7%).
Sees 2019 inflation at 0.4% (pvs f'cast 0.5%).
Sees 2020 inflation at 0.1% (pvs f'cast 0.4%).
Despite the upward revisions to the Swiss economic growth forecasts, the Swiss franc meanders near daily lows against its American peer, with USD/CHF almost unchanged near 0.9830 region. The spot is looking to extend its bounce from three-month lows of 0.9814 reached after the US dollar was sold-off into the dovish FOMC event.
All eyes now remain on the Swiss National Bank (SNB) quarterly monetary policy announcement due later on Thursday at 0830 GMT. Markets are expecting the SNB to keep rates on-hold at -0.75%.
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