Investing.com - Manufacturing activity in Switzerland grew at a slower rate than expected in August, 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 54.6 in August from a reading of 57.4 in July, which was a 26-month high.
Analysts had expected the index to ease to 55.9 last month.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
Following the release of the data, the Swiss franc remained lower against the U.S. dollar, with USD/CHF adding 0.32% to trade at 0.9330.
In a report, the Swiss SVME purchasing managers' association and Credit Suisse said that its purchasing managers’ index declined to a seasonally adjusted 54.6 in August from a reading of 57.4 in July, which was a 26-month high.
Analysts had expected the index to ease to 55.9 last month.
On the index, a reading above 50.0 indicates expansion, below indicates contraction.
Following the release of the data, the Swiss franc remained lower against the U.S. dollar, with USD/CHF adding 0.32% to trade at 0.9330.