Trade Desk Thoughts - Swiss SVME PMI

Swiss SVME PMI Actual 47.8, Expected 51.0, Previous 52.5

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 contracted in Switzerland. The PMI number was released at 47.8, versus analyst estimates of 51.0. The Swiss PMI shows the economy is approaching 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 fallen 30 pips

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