no trading on friday...
Franc Fallout: First Swiss Recession in Six Years
Seven months after the central bank scrapped its currency cap, Switzerland is dealing with declining exports, stagnant manufacturing and plunging prices. Economists forecast gross domestic product shrank 0.1 percent in last quarter, a second consecutive contraction that would mark the first recession in six years. The data are due on Friday. Much of the pressure on the economy is coming from the franc, which has appreciated 11 percent versus the euro since the central bank’s unexpected Jan. 15 decision to opt for a free float. For SNB President Thomas Jordan, who has defended the policy move, the weaker near-term ... (full story)