"The indicator adds to the evidence that the outlook for the Swiss economy is improving, and most institutes--including ourselves--forecast an acceleration of economic growth next year."
- Credit Suisse
While Swiss policymakers are constantly monitoring EUR/CHF currency pair and are ready to defend the cap if needed, USD/CHF has been on the rise since October 25, penetrating strong resistance at 0.9177 and heading towards 0.9389. Nevertheless, it seems that the fundamental data from the Alpine country have limited effect on the pair's performance, and Friday's unemployment and retail sales reports are not an exception.
The State Secretariat for Economic Affairs said that the total number of people out of work in Switzerland inched higher 2,371 in October, totalling 133,443, though this increase did not weigh on the overall jobless rate that remained unchanged at 3.2%. Regarding the youth unemployment, the indicator fell by 926, suggesting a positive trend. Despite the gloomy forecasts for the Eurozone and a record-long recession, Swiss labour market successfully weathered any economic problems, as unemployment rate has not risen above 4% since June 2010.
A separate report from the Federal Statistical Office showed that demand at Swiss retailers remained subdued in September, rising just 1% annually from a 2.5% gain a month earlier. Analysts, however, expected a rise to 2.7%. Core retail, which excludes fuel, advanced 1.2% on a yearly basis, however, were down 0.5% from the previous month.