Forexpros – Economic sentiment in Switzerland deteriorated sharply in June, falling to the lowest level since January, data showed on Wednesday.
In a report, the Centre for European Economic Research (ZEW) said its indicator of economic sentiment tumbled by 39.4 points to a reading of minus 43.4 in June from a reading of minus 4.0 in May.
Analysts had expected the index to decline by 11.0 points to a reading of minus 15.0 in June.
The indicator reflects the expectations of the surveyed financial market experts regarding the economic development in Switzerland on a six-month time horizon.
A reading above 0.0 on the indicator indicates optimism, while a score below 0.0 indicates pessimism.
Following the release of the data, the Swiss franc remained modestly higher against the U.S. dollar, with USD/CHF dipping 0.13% to trade at 0.9456.
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