Swiss manufacturing rebounds in June

Switzerland's manufacturing production index rose in June after falling a month earlier as an increasing backlog of orders contributed to the index's gain. The Swiss Purchasing Managers' Index climbed to 54.0 points in June, up from an unrevised 52.5 in the previous month and overshooting analysts' expectations for a 52.5 reading.  The June gauge marks the 14th straight month that Swiss factory production remained above the 50-mark threshold that shows difference between contraction and expansion. The Swiss National Bank's floor of 1.20 Swiss francs to euro ensured the country's robust manufacturing performance. The floor was introduced in September 2011 to weaken the currency and support exporters to the Eurozone, which represents the biggest market for Swiss exports. The latest PMI is broadly in line with improved Swiss KOF leading economic indicator data, which was released on Friday.  Following the data, the Swiss Franc traded mixed versus other major currencies. While the   Franc changed little  against the Pound, it rose versus the rest of counterparts.

The Swiss department of economics expects the economy to  grow this year at about 2%, boosted by higher exports to the Euro area,  the same rate forecasted by the Swiss National Bank.