Switzerland’s UBS AB investor and financial services company based in Zurich released its consumption indicator this morning at 7:00 GMT. The indicator, which represents the level of a composite index made of data from five consumer-based economic indicators, revealed mild growth in consumer optimism and spending.
The indicator’s growth level was minor in comparison to other data which has resulted in its muted impact on today’s market. The news that consumption is rising in the European heavy-weight is a bullish note in these bearish days. Analysts have digested the news to represent a forecast of higher retail sales in the coming months, which may help Switzerland regain some of last month’s economic losses.
Read more forex trading news on our forex blog.
