NEW YORK (Forex News Now) – Switzerland’s UBS Consumption Indicator fell in November, but still showed signs of above average growth, data showed on Tuesday in a major event for FX traders.
In a report likely to impact currency market trading, UBS AG said its index fell 0.08 points to 1.63 in November, down from the October mark of 1.71.
Despite the decline, the indicator is still above its long-term average of 1.50 points, which means that consumption growth remains above average.
UBS said the fall was primarily because of the decrease in retail activity, but expects a strong consumption growth rate of 1.7% in 2011, on the back of continuing immigration, low interest rates and declining unemployment.
The index is based on a reading of 5 key economic indicators: consumer confidence, consumer spending, tourism, new car sales and retail activity.