The Swiss National Bank (SNB) offered an upbeat outlook on the economy in its Financial Stability Report (FSR) published on Thursday.
Key quotes
“In Switzerland, GDP grows strongly in the near term and unemployment declines.”
“Production capacity remains underutilized for some time.”
Earlier this week, Switzerland’s State Secretariat for Economic Affairs (SECO) raised the country’s growth forecasts for this year amid the easing of coronavirus restriction.
Market reaction
USD/CHF is probing five-week highs, in order to regain 0.9100 despite the upbeat SNB’s FSR. The Fed’s hawkish surprise is behind the spot’s rally, finding support from a broadly firmer US dollar.
