Swiss government slashes 2019 growth forecast to 0.8% vs. 1.2% previous

The State Secretariat for Economic Affairs' (SECO) released its latest economic forecasts, with the key highlights found below.

2019 GDP growth forecast at 0.8% (previous forecast was 1.2%).

2020 GDP growth forecast 1.7% (unchanged).

2019 inflation forecast 0.5% (previously 0.6%).

2020 inflation forecast 0.4% (previously 0.6%).

Sees exports will grow merely below-average in 2019 for first time in several years.

Sees exports to grow 2.3% in 2019 (previous forecast was 3.1%).

In the coming year, Swiss economy is set to brighten only gradually.

Following the downward revisions to the Swiss economic growth and inflation forecasts, the Swiss franc shaved-off gains against its American peer, now trading neutral near 0.9925 region.

All eyes now remain on the Swiss National Bank (SNB) quarterly monetary policy announcement this Thursday. Markets are not ruling out a surprise 25bps rate cut but the broader consensus is of rates on-hold.

USD/CHF Levels to watch


Today last price 0.9924
Today Daily Change -0.0012
Today Daily Change % -0.12
Today daily open 0.9929
Daily SMA20 0.9859
Daily SMA50 0.9842
Daily SMA100 0.9916
Daily SMA200 0.995
Previous Daily High 0.994
Previous Daily Low 0.9864
Previous Weekly High 0.9947
Previous Weekly Low 0.9854
Previous Monthly High 0.9976
Previous Monthly Low 0.9659
Daily Fibonacci 38.2% 0.9911
Daily Fibonacci 61.8% 0.9893
Daily Pivot Point S1 0.9882
Daily Pivot Point S2 0.9835
Daily Pivot Point S3 0.9806
Daily Pivot Point R1 0.9958
Daily Pivot Point R2 0.9987
Daily Pivot Point R3 1.0034



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