Forexpros – Switzerland’s leading economic barometer improved more-than-expected in May, rising to a seven-month high, industry data showed on Wednesday.
In a report, the KOF Economic Research Agency said its index of 12 leading indicators improved by 0.38 points to 0.81 in May from April’s reading of 0.43, which was revised from a previously reported 0.40.
Analysts had expected the index to improve by 0.05 points to 0.48 in May.
The data indicated that during the next few months and on a year-on-year basis, Swiss Gross Domestic Product can be expected to grow noticeably.
The index is derived via a combined reading of 12 economic indicators related to banking confidence, production, new orders, consumer confidence and housing.
Following the release of the data, the Swiss franc remained lower against the U.S. dollar, with USD/CHF rising 0.3% to trade at 0.9635.
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