Early this morning we have seen the release of Q2 GDP for Switzerland which came out in line with expectations, at 0.4% QoQ, 2.3% YoY. In light of the very weak readings seen in the rest of the G10 last quarter (Eurozone 1.7% YoY, USA 1.0% QoQ annualized, UK 0.7% YoY), this figure underscores the relative strength of the Swiss economy, and does appear to justify the market’s keen demand for francs. This news as well as yesterday’s absence of new SNB measures to counter Swiss strength has allowed USDCHF and EURCHF to sell-off from their highs – in spite of a broader uptick in risk after yesterday’s better than expected US data.
The US ADP report was the only US data release to technically undershoot consensus estimates, at +91k compared to +100k expected; but given the dreadful catalogue of data releases and news from the US in the past month, most investors were breathing a collective sigh of relief that the figure was not far worse. Following up later in the afternoon, the Chicago PMI fell less than expected to 56.5 (53.3 expected, 58.8 prior), and July factory orders increased more than expected (2.4% actual vs. 2.0% expected), with upward revisions to the previous month’s data (to -0.4% from -0.8%).
The picture was not so rosy in Canada however, as Q2 GDP figures revealed a shock contraction of -0.4% QoQ annualized (0.0% expected) and downward revisions to the prior quarter (to 3.6% from 3.9%). Canadian Finance Minister Flaherty noted that the BoC has more room to manoeuvre than the Fed when it comes to interest rates (overnight rate target currently 1.00%), but the currency has been largely unaffected by both the data and his comments.
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Switzerland GDP Impresses After Canadian Economy Shows Contraction In Q2
Published 09/01/2011, 07:04 AM
Updated 01/01/2017, 02:20 AM
Switzerland GDP Impresses After Canadian Economy Shows Contraction In Q2
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