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.