procure.ch Manufacturing PMI comes in at 57.1 against 49.9 consensus

The procure.ch Manufacturing PMI for Switzerland was released today, showing a reading of 57.1. This figure significantly exceeded the market consensus expectation of 49.9, representing a 14.4% surprise against the forecast. The previous month’s reading was 50.0.

Following the release, the Swiss franc showed mixed reactions against major currencies over the first hour. USDCHF rose 6.1 pips, while EURCHF gained 2.8 pips and GBPCHF increased by 8.3 pips. CADCHF also saw a rise of 3.3 pips. Conversely, CHFJPY declined by 14 pips, AUDCHF fell 3.0 pips, and NZDCHF dropped 1.4 pips. Compared to historical movements, the 1-hour move in USDCHF was 6.1 pips, close to its median 1-hour move of 6 pips. EURCHF’s 2.8 pip move was smaller than its median of 6 pips. GBPCHF’s 8.3 pip move was also smaller than its median of 10 pips. CHFJPY’s 14 pip move was larger than its median of 10 pips. AUDCHF, CADCHF, and NZDCHF all saw moves smaller than their respective median 1-hour moves of 5 pips.