Swiss Franc Mixed After Positive Revision of Economic Forecasts

The Swiss franc was mixed today following the release of an updated economic forecast from Switzerland’s government.
The State Secretariat for Economic Affairs released an updated economic forecast for 2020 and 2021. The updated forecast predicts that gross domestic product adjusted for sports events will fall by 3.8% this year, which is better than the July forecast of a 6.2% drop. The Consumer Price Index is expected to fall by 0.7%, whereas the previous estimate was promising a 0.9% decline. The forecast for the unemployment rate stands now at 3.2%, whereas previously it was at 3.8%.
As for the next year, experts anticipate that the economy will grow by 3.8%, though it is a downgrade from the July forecast of a 4.9% growth. Consumer prices are expected to drop by 0.1% versus 0.3% in the previous forecast. The unemployment rate is expected to be at 3.4%, down from the July outlook of 4.1%.
There will not be notable economic reports in Switzerland for the rest of the week, except for the Producer Price Index scheduled for release on Thursday. Economists predicted ahead of the report that it will show an increase of the index by 0.2% in September after demonstrating a 0.4% drop in August.
USD/CHF inched down from 0.9104 to 0.9098 as of 16:10 GMT today after rising to 0.9124 earlier. GBP/CHF gained from 1.1856 to 1.1884. CAD/CHF rose a little bit from 0.6931 to 0.6934, reaching the high of 0.6947 intraday.
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