Release Explanation: As an indicator of economic performance the PMI has the ability to easily affect currency valuations as Institutions re-align existing positions, or build new, on the strength of these reports. It measures the activity level of Purchasing Managers, who are surveyed on production, employment, inventories, orders, and delivery data. The PMI is split into reads on Manufacturing, Service, and Construction industries. A read over 50 denotes growth.
Trade Desk Thoughts: The Purchasing Managers Index shows the industrial sector contracted in Switzerland for the fourth consecutive month. The PMI number was released at 36.9, versus analyst’s estimates of 35.2. The Swiss PMI confirms that the economy is taking a similar path as the Euro-area and the U.S. economies, which are near the recession level. The index sits at multi-year lows, showing that inflationary pressures dry up very fast.
Forex Technical Reaction: The swissy gained 120 pips in the overnight session, breaking above the 200-day moving average.
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Swiss SVME PMI Down For The Fourth Month
Published 12/31/2000, 07:00 PM
Updated 01/05/2009, 03:45 AM
Swiss SVME PMI Down For The Fourth Month
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