• +0.5% prev rev down from +0.6%

  • yy +1.1% vs +1.6% exp vs +1.9% prev

Data out a short while ago but has had minimal impact despite its worrying tones

It's the biggest shrink in 6 years as the strong franc hit exports hard and adds fuel to the argument that the SNB got it wrong in January

With CHF showing few signs of weakening any time soon despite SNB rhetoric/smoothing expect this scenario to continue

USDCHF 0.9431 EURCHF 1.0332