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"The latest data suggests growth in the Swiss economy in the coming months will be markedly stronger than a year earlier"
- Research company KOF
Another sign Swiss fundamental data is almost not influencing market's behaviour occurred on Monday, after figures showed the labour market is still resilient, while retail sales advanced in October, albeit at a slower pace than it was predicted. The Franc was traded at 1.223 against the Euro, 0.8926 versus the U.S. Dollar and 115.57 against the Yen.
The State Secretariat for Economic Affairs said the nation's jobless rate stood at 3.2% in November, from the same level in the prior month, meeting analysts' expectations. The total number of unemployed people, however, inched higher by 5,630 to 139,073, compared with an increase of 7,006 a month earlier, pointing at incremental improvements in the labour market. At the same time, sales at Swiss retailers advanced 1.2% in real terms in October, accelerating from a 1.0% gain in September; however, missing market's forecast for a 2.1% jump.
For the time being the latest figures may not sound confident and do not promise rapid growth in the foreseeable future, and with consumption indicator falling in October, the economy is likely to maintain the same pace of growth in the coming months. Moreover, they suggest the economy is not strong enough to withstand global and domestic headwinds without the central bank's support.