- Thomas Jordan, Swiss National Bank President
The unemployment rate in Switzerland stayed at the same level for sixteen consecutive months in August, according to the latest data from the Swiss State Secretariat for Economic Affairs (SECO). The seasonally adjusted unemployment rate came in at 3.2% on month in line with experts' expectations. Separately, another report showed consumer price inflation in the Alpine country also remained unchanged in August from the previous month, whereas economists had forecasted a 0.1% decline. On an annual basis, costs of living in Switzerland rose 0.1%, beating expectations for a flat reading. Moreover, in a report the Federal Statistics Office said that Swiss retail sales declined at an annualized rate of 0.6% in July, against projections for a 2.6% gain. On top of that, retail sales growth in June was revised downwards to show a 3.3% increase from a previously reported gain of 3.4%.
The U.S. Dollar strengthened versus the Swiss Franc on Monday, to trade close to one-year highs after the release of disappointing Swiss retail sales data and as optimism over the U.S. economic outlook continued to support the greenback. USD/CHF fetched 0.9330 during European morning trade, the session high; the pair subsequently fell to 0.9318, losing 0.09%. The Swissie was steady against the 18-nation currency, with EUR/CHF inching up 0.01% to 1.2061.
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