The Swiss Industrial Production in the first quarter slumped heavily providing more downbeat signals over the continued downside pressures on growth.

Production slumped 9.2% in the first three months following 7.7% rise the previous quarter and revised from 7.4% and was much below the expected 7.8% drop. On the year production rose 5.0% following 6.4% revised from 6.1% and also below the expected 5.6%.

The franc's rally is weighing negatively on exports that account for about 50% of the GDP and further pressuring policy markets suffering from the toxic pressures in the market as the SNB prepares to leave rates unchanged later today.