The Swiss KOF leading indicator slumped in November with the worsening outlook for the global economy and evident pressure on the Swiss economy from slowing exports and currency volatility that forced the SNB to take action.

The index fell to 0.35 from 0.75 revised today from the initial estimate of 0.80 and was strongly below the expected 0.65.

The data reflect the downside pressure on growth and the slowing economic outlook over the next three to six month with the Swiss National Bank now still dealing with the foreign exchange rates volatility and rising deflation threats. The data signal rising possibility now for more action from the SNB and likely revive expectations for raising the set EUR/CHF floor from 1.20 to 1.25 as they struggle to support the economy and fight rising deflation threats.