Swiss central bank keeps key interest rate at -0 75 pct to contain strong franc - Xinhua xinhuanet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from xinhuanet.com Daily Mail and Mail on Sunday newspapers.
Forecast: second coronavirus wave interrupts economic recovery State Secretariat for Economic Affairs Bern, 15.12.2020 - Economic forecast by the Federal Government’s Expert Group – December 2020 - In the winter half-year of 2020/2021, the second wave of the coronavirus will have an adverse effect on the Swiss economy. The Expert Group is therefore revising its GDP forecast for the coming year downwards. If the health situation eases, growth is likely to increase significantly as time goes on, although uncertainty remains extremely high.
Rising case numbers and the measures to combat the coronavirus will slow international economic development considerably in the winter half-year of 2020/2021, especially in Europe. In general, however, less dramatic containment measures have been taken than last spring and the overall economic impact is likely to be less severe.
USD/CHF slides to 2015 lows as SECO boosts Swiss economic forecast
USD/CHF slides to 2015 lows as SECO boosts Swiss economic forecast
The pair was reacting to the latest forecast by SECO.
The agency expects the economy to contract by 3.0% in 2020.
The USD/CHF price is hovering near its lowest level since February 2015 as traders react to the robust economic forecast from Switzerland. This decline is also because of the overall weaker US dollar. It is trading at 0.8857, which is 10 percent lower than this year’s high of 0.9900.
USD/CHF falls to 2015 low
SECO boosts Swiss forecast
In a report released earlier today, the State Secretariat for Economic Affairs (SECO) said that the economy will likely drop by 3.3%, an improvement from the previous estimate of 3.8% decline. This will be the worst contraction since 1975.
UPDATE 1-Swiss expect slower economic rebound in 2021 as second COVID-19 wave hits reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
1 Min Read
ZURICH, Dec 15 (Reuters) - Switzerland’s economy is expected to shrink by 3.3% this year before recovering in 2021, the government said on Tuesday, adding the second wave of the coronavirus will slow the rebound next year.
The 2020 forecast is an improvement from the 3.8% decline predicted by the State Secretariat for Economic Affairs (SECO) in October, although it would still be the worst downturn the country has seen since 1975.
SECO said it expects the Swiss economy to grow by 3% in 2021, slower than the 3.8% rate previously forecast. (Reporting by John Revill; editing by Brenna Hughes Neghaiwi)