Release Explanation: It is essentially a measure of goods and services targeted towards individuals and consumed by individuals, therefore it is very important in assessing the sentiment of the Consumer, especially in a Service based economy. This is a very important release. The impact from this release affects the CPI, Retail Sales, Housing and Consumer Confidence numbers. This is released at the same time as Personal Spending and Personal Income reports, and all three complete a very strong picture of consumer sentiment.
Trade Desk Thoughts: The Swiss Consumption Indicator continued to decline in February. The indicator declined to 0.89, showing the prospects are becoming increasingly gloomy. Due to the economic downturn, unemployment is set to rise in the coming months, which will have a negative effect on consumer spending
Forex Technical Reaction: The swissy fell 70 pips in the Asian session, testing the low of the previous day of trading.