Switzerland now sees GDP contracting 2.7% in 2009 and 0.4% in 2010 versus previous forecasts for a 2.2% fall this year and a 0.1% rise next year.
An additional CHF 400 mln will be spent to to boost the economy in 2010, the government announces.
EUR/CHF is a tad firmer this morning, trading near 1.5100 as 1.5050 continues to support the cross on dips. Dealers assume the SNB will step in somewhere between 1.5000 and 1.5050 to sell the Franc.
