Latest data now out
- prev revised up from +CHF 3.05bln
- exports mm +5.4% vs +2.3% prev revised up from +0.2%
- imports mm +3.5% vs +2.6% prev
- watch exports fall 13.2% yy real terms to CHF 2bln
Not a price changer but welcome news for the Swiss as CHF weakens over the period
SNB will still be on high alert but any smoothing they've been doing, and which I've often mentioned, is having some impact
Fall in watch exports reflects more on global economic weakness
USDCHF currently 1.0165 and EURCHF 1.0867 both looking underpinned still
