The Swiss economy did not grow in the fourth quarter of 2022reducing its Gross Domestic Product (GDP) to 0% after rising 0.2% in the third quarter. The result disappoints market expectations, which expected growth of 0.3%. This stagnation occurs after six consecutive positive quarters.
He Annualized GDP has grown by 0.7% in the months from October to December, below the previous 0.9% increase but bettering the 1.2% fall forecast by the consensus.
On the other hand, Switzerland has published its KOF leading indicatorsshowing an increase to 100 points in February from 97.4 in December (upwardly revised from 97.2), surpassing the 98 estimate. This is the best result recorded by the indicator in ten months, since April 2022.
USD/CHF reaction
USD/CHF barely bounced 10 pips after the Swiss mixed data, first rising to 0.9388, the day’s high already tested at the European open, before moderating its momentum. At time of writing, the pair is trading above 0.9382, gaining 0.25% daily.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
