- Manufacturing activity in Switzerland grew at a faster than expected rate in June, industry data showed on Tuesday.

In a report, the Swiss SVME purchasing managers'' association and Credit Suisse said that its purchasing managers’ index improved to a seasonally adjusted 54.0 last month from a reading of 52.5 in May.

Analysts had expected the index to rise to 52.8 in June.

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

Following the release of the data, the Swiss franc was lower against the U.S. dollar, with USD/CHF easing up 0.02% to trade at 0.8871.

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