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

USD/CHF

Overview
Today last price 0.9924
Today Daily Change -0.0012
Today Daily Change % -0.12
Today daily open 0.9929
 
Trends
Daily SMA20 0.9859
Daily SMA50 0.9842
Daily SMA100 0.9916
Daily SMA200 0.995
Levels
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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD hovers around the 34-months lows amid growth concerns

EUR/USD is trading below 1.0850, just above the lowest since April 2017. Concerns about eurozone growth are weighing on the common currency. Markets are watching coronavirus developments. 

EUR/USD News

GBP/USD shrugs off Brexit concerns and holds its ground

GBP/USD is trading around 1.3050, little-changed. The French foreign minister warned of acrimonious Brexit talks as the UK's chief negotiator is laying down a tough stance. 

GBP/USD News

Forex Today: Coronavirus fears persist, Japanese economy squeezes, cryptos climb down

China has announced it will stimulate the economy in the face of the coronavirus outbreak, including lower corporate taxes and increased spending. While most factories have returned to work, Beijing has tightened restrictions on movements in the Hubei province.

Read more

Gold slips below $1580 level amid improving risk sentiment

Gold retreats from two-week tops amid receding demand for traditional safe-haven assets. The precious metal failed to capitalize on its recent positive move to near two-week tops and edged lower during the early European session on Monday amid fading safe-haven demand.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures