Swiss KoF Signals More Contraction

The Swiss KOF leading indicator dropped to -0.39 in December, from a revised -0.04 (previously: -0.05) in November. Our median was -0.25, so data were much weaker than anticipated and the lowest since April 2003. The institute said that the data "is signaling that during the next few months the Swiss economy is likely to contract". The weak numbers indeed, highlight the extend of the deterioration in the Swiss economy and subsequently support the SNB's decision to lower mid-point of the Libor target range close to zero.

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