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,” TheLFB-Forex.com Trade Team said.
TheLFB-Forex.com Trade Desk Thoughts: The Swiss Consumption Indicator rose in March for the first time in the last four months. The index gained 0.10 points, up to 0.99. “Despite this, 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,” TheLFB-Forex.com Trade Team said.
Forex Technical Reaction: The swissy was unmoved by the release. Since the Tuesday session started, the pair moved in a 20-pip range.