Switzerland's State Economic Secretariat (SECO) with their latest forecasts
- 2017 GDP +1.8% vs +1.9% prev (Dec)
- 2016 CPI -0.6% vs -0.1% prev
- 2017 CPI +0.2% vs +0.2% prev
It's not just the UK that's cutting growth and inflation forecasts as the world continues to receive a reality check. Yellen's dovish tones were justified and appropriate given the on-going uncertainty both at home and abroad.
Seco cited slowing global growth as well as the strong Swiss franc as reason for
lower growth projections. The strong currency coupled with lower oil prices is
also seen as the main cause of weak inflation outlook. Full report here
SNB quarterly interest rate meeting underway and announcement due at 08.30 GMT. More on that shortly.
USDCHF still near session lows at 0.9775. EURCHF 1.0976 and still underpinned.