Trade Desk Thoughts - SVME PMI

SVME PMI Actual 52.5, Expected 53.3, Previous 54.1

Release Explanation: As an indicator of economic performance the PMI has the ability to easily affect currency valuations as Institutions re-align existing positions, or build new, on the strength of these reports. It measures the activity level of Purchase Managers, they are surveyed on production, employment, inventories, orders, delivery data. The PMI is split into reads on Manufacturing, Service, and Construction industries. A read over 50 denotes growth.

Trade Desk Thoughts: The Purchasing Managers Index shows the industrial sector is still expanding in Switzerland. The PMI number was released at 52.5, versus analyst estimates of 53.3. The Swiss PMI shows the economy is in much stronger shape compared with the Euro-area or the U.S., which are barely hovering above the break even level of 50 points.

Forex Technical Reaction: The swissy was unmoved by the release. Since the Asian session started, the pair has gained 35 pips and is trading just above the neutral pivot point

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