Swiss SVME PMI rises unexpectedly in May

Forex Pros – Manufacturing activity in Switzerland rose unexpectedly in May, industry data showed on Wednesday.

In a report, the Swiss SVME purchasing managers' association and Credit Suisse said that its purchasing managers’ index rose to a seasonally adjusted 59.2 in May, up from 58.4 in April. 

Analysts had expected the index to decline to 57.6 in May.

On the index, a reading above 50.0 indicates expansion, below indicates contraction.

Following the release of the data, the Swiss franc was up against the U.S. dollar, with USD/CHF shedding 0.47% to hit 0.8499.

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