Latest Swiss trade data now out

  • exports real mm -1.1% vs -1.5% prev revised down from -1.4%
  • imports real mm +2.5% vs -8.4% prev revised down from -8.0%

Improved headline and exports welcome aided by weaker franc but contraction still in imports will be a concern.

USDCHF 0.9909 EURCHF 1.1042 still both underpinned