Investing.com – Manufacturing activity in Switzerland fell more-than-expected in October, dropping further into contraction territory, industry data showed on Tuesday.
In a report, the Swiss SVME purchasing managers' association and Credit Suisse said that its purchasing managers’ index declined to a seasonally adjusted 46.9 in October from 48.2 in September.
Analysts had expected the index to decline to 47.7 in October.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
Following the release of the data, the Swiss franc held on to sharp losses against the U.S. dollar, with USD/CHF surging 1.37% to trade at 0.8889.
In a report, the Swiss SVME purchasing managers' association and Credit Suisse said that its purchasing managers’ index declined to a seasonally adjusted 46.9 in October from 48.2 in September.
Analysts had expected the index to decline to 47.7 in October.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
Following the release of the data, the Swiss franc held on to sharp losses against the U.S. dollar, with USD/CHF surging 1.37% to trade at 0.8889.