Swiss ZEW economic expectations improved in February

Swiss economic sentiment improved more than initially was expected this month, proving that the economy gained momentum at the start of the year, according to Centre for European Economic Research. The Swiss ZEW investor sentiment soared by 17 points in February to 10 points, up from -6.9 points in the preceding month, well above analysts' expectations, which called for a 1.0 reading. The fact that the Swiss economy expanded in the third quarter at the fastest pace since 2010 and that the ZEW economic expectations climbed to the highest level since June 2010 is allaying concerns the export-driven economy is suffering from a strong currency.

"Thanks to the minimum exchange rate the franc was stable in 2012, and since the start of 2013 has lost some of its strength," said analysts at Credit Suisse Group AG, which co-compiled the index. "Simultaneously with the depreciation, industry appears to have finally passed the trough," they said.