Swiss Govt lowers 2017 GDP growth forecasts

Switzerland’s State Secretariat for Economic Affairs (SECO) published its quarterly economic forecasts report, highlighting the following:

Swiss government sees 2017 GDP growth at 1.4% vs 1.6% previous forecast in March

2017 inflation at 0.5% as prev

2018 GDP 1.9% as prev

2018 inflation 0.2% vs 0.3% prev

Swiss franc could appreciate sharply if European debt crisis flares up again or situation in banking sector worsens significantly.

Meanwhile, the USD/CHF pair flirts with daily lows of 0.9744, unfazed by SECO’s forecasts.