Latest data released by the Federal Statistics Office - 28 January 2020

  • Prior CHF 3.92 billion; revised to CHF 3.95 billion
  • Exports -3.4% m/m
  • Prior -0.8%; revised to -0.4%
  • Imports +0.2% m/m
  • Prior +0.5%; revised to -0.1%

The downside to the report is that exports slumped towards the end of the year - symptomatic of the situation experienced in the region.

Nonetheless, the focus for the Swiss economy is on services and in the context of the franc, it is the SNB and inflation and this will do little to change the current outlook.