Switzerland reported a drop in retail sales in October for the third consecutive month. Retail sales fell 0.2% on the year following a revised drop the previous month of 1.4% from 0.9%, the decline was also weaker than the expected flat reading.

The Swiss economy is surely suffering from the weakening global economy and the debt crisis where the franc's rally is reflecting the agony on the domestic economy where growth slowed in the third quarter further and signs of deflation are starting to rise which signals the likelihood for further intervention from the SNB in the coming period and likely raise the EUR/CHF floor currently set at 1.20 to 1.25.