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Swiss SVME PMI rises to 33-month high of 57.6 in February

Published 03/03/2014, 03:45 AM
Updated 03/03/2014, 03:45 AM
Swiss SVME PMI rises to highest since May 2011 in February

Investing.com - Manufacturing activity in Switzerland grew at the fastest rate since May 2011 in February, industry data showed on Monday.

In a report, the Swiss SVME purchasing managers' association and Credit Suisse said that its purchasing managers’ index inched up to a seasonally adjusted 57.6 last month from a reading of 56.1 in January. Analysts had expected the index to dip to 56.0 in February.

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

Following the release of the data, the Swiss franc was modestly lower against the U.S. dollar, with USD/CHF rising 0.05% to trade at 0.8808.

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