Swiss Employment Beats Estimates Despite the Dour Outlook by the SNB

Daily Forex Fundamentals | Written by DailyFX | Nov 27 08 09:05 GMT |

Employment opportunities in Switzerland increased 2.0% in the third quarter despite expectations for a 1.9% gain. Meanwhile, the employment reading for the second quarter was revised higher to 3.4% from 2.4%, which suggests that labor demands may have peaked during the first half of the year as fears of a global recession intensify. Economic conditions may weaken further throughout 2009 as the Swiss National Bank expects the economy to contract next year. Fears of a severe economic downturn led the SNB to surprise the market last week by lowering the 3-month LIBOR rate by 100bp to 1.00%, and may continue to ease policy further as the expect conditions to get worse. DailyFX Disclaimer Investment in the currency exchange is highly speculative and should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only. Accordingly we make no warranties or guarantees in respect of the content. The publications herein do not take into account the investment objectives, financial situation or particular needs of any particular person. Investors should obtain individual financial advice based on their own particular circumstances before making an investment decision on the basis of the recommendations in this website. While we try to ensure that all of the information provided on this website is kept up-to-date and accurate we accept no responsibility for any use made of the information provided. All intellectual property rights are the property of Daily FX. Daily FX and its affiliates, will not be held responsible for the reliability or accuracy of the information available on this site. The content herein is provided in good faith and believed to be accurate, however, there are no explicit or implicit warranties of accuracy or timeliness made by Daily FX or its affiliates. The reader agrees not to hold Daily FX or any of its affiliates liable for decisions that are based on information from this website. Daily FX highly recommends that before making a decision, the reader collects several opinions related to the decision and verifies facts from at least several independent sources.