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Swiss manufacturing PMI contracts in January

Published 02/02/2015, 03:39 AM
Updated 02/02/2015, 03:39 AM
Swiss manufacturing PMI contracts in January

Investing.com - Manufacturing activity in Switzerland contracted for the first time in almost two years in January, fuelling concerns over the health of the economy, industry data showed on Monday.

In a report, the Swiss SVME purchasing managers' association and Credit Suisse said that its purchasing managers’ index declined to a seasonally adjusted 48.2 last month from a reading of 53.6 in December.

Analysts had expected the index to fall to 50.4 in January.

On the index, a reading above 50.0 indicates expansion, below indicates contraction.

USD/CHF was trading at 0.9327 from around 0.9339 ahead of the release of the data, while EUR/CHF was at 1.0538 from 1.0574 earlier.

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