Forex Pros – Economic sentiment in Switzerland dropped significantly in May, plunging by 20.3 points, data showed on Thursday.
In a report, the Centre for European Economic Research (ZEW) said its indicator of economic sentiment fell to -11.5 in May, compared to a reading of 8.8 in April.
A reading above 0.0 on the indicator indicates optimism, while a score below 0.0 indicates pessimism.
According to the data, the indicator for the assessment of the current economic situation in Switzerland rose 6.8 points to 68.6.
Expectations regarding inflation and interest rates declined in May. The indicator for the inflation outlook dropped by a noticeable 30.8 points, and in the interim only 51.4% of the financial market experts surveyed forecast an advancing inflation rate on a six-month horizon.
Following the release of the data the Swiss franc was down against the U.S. dollar, with USD/CHF rising 0.21% to hit 0.8828.
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