The Swiss franc registered strong gains against its major counterparts after the release of the Swiss UBS consumption indicator report for November at 2:00 am ET Tuesday. The franc rose to more than a 3-week high against the yen, 2-week high against the dollar and a new multi-month high against the euro. Meanwhile, the franc recovered from an early Asian session's 5-day low against the pound.
The UBS consumption indicator for Switzerland rose to 1.28 in November from 0.88 in October, the UBS bank said. This was the highest level since September 2008, but it remained below its long-term average of 1.5. The consumption indicator in October was revised from 0.87 reported initially.
"UBS economists do not expect consumer spending to recover until the second half of next year." the UBS said.
Despite the economic recovery, UBS economists expect private consumption to weaken in the coming months. In particular, the expected rise in unemployment and the associated job uncertainty are likely to dampen consumer behavior.
The Swiss franc that fell to 1.0369 against the US dollar at 10:20 pm ET Monday bounced back thereafter. Currently, the franc is trading at a 2-week high of 1.0313 per dollar with 1.020 seen as the next target level. At yesterday's close, the dollar-franc pair was quoted at 1.0349.
During early deals on Tuesday, the Swiss franc gained against the Japanese yen. As of now, the franc-yen pair is worth 89.01 and this set the highest point for the Swiss currency since December04. If the franc advances further, it may target the 89.2 level. The pair closed yesterday's trading at 88.60.
The Swiss franc that closed yesterday's trading at 1.4882 against the euro jumped to a new multi-month high of 1.4868 in early deals on Tuesday. The next upside target level for the franc is seen at 1.480.
At 2:30 am ET Tuesday, the Swiss franc reached 1.6527 against the pound, up from early Asian session's 5-day low of 1.6590. If the franc climbs further, it may target the 1.647 level. The pound-franc pair closed yesterday's deals at 1.6562.
Looking ahead, Italian December business confidence and the Bank of England's housing equity withdrawal report for third quarter are expected in the upcoming hours.
From the U.S., the S&P/Case-Shiller home price index for October and the consumer confidence report for December are due in the North American session.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.