Swiss September KOF leading indicator came in better than expected at 0.62, compared to a market median of 0.56, but still slipped from 0.73 in August, which had been revised up from 0.68. Data hence shows that Swiss fundamentals have been holding up better than expected. However, today's KOF reading does not cover recent week's financial market turmoil and we are likely to see further deterioration to the index through the rest of this year. Amid mounting growth concerns for Switzerland, the dollar-franc (USDCHF) slipped below 1.09 as investors reduced their risk appetite.
Al Bawaba
