Swiss retail sales decline unexpectedly in May

Forex Pros – pros – Retail sales in Switzerland unexpectedly declined in May, official data showed on Monday.

In a report, Switzerland’s Federal Statistical Office said that retail sales fell at an annualized rate of 4.1% in May, confounding expectations for a gain of 4.6%.

The previous month’s figure was revised up to a gain of 7.8% from 7.5%.   

Month-over-month, Swiss retail sales tumbled by 4.2% in May, after rising by 0.6% in April.

Following the release of the data, the Swiss franc was down against the U.S. dollar, with USD/CHF easing up 0.1% to trade at 0.8489.

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