Switzerland also downgraded growth forecasts for next year as well as raising unemployment expectations and predicting more deflationary pressure. Analysts feel the SNB will look to keep the Franc relatively weak moving forward to keep in check with the Eurozone. Earlier UK retail sales broadly came in line with expectation although the year on year figure was 0.1% worse than expected at 3.6%. Ahead of the FOMC this evening the US data was fairly strong.
US jobless claims came in much better than expected at 264K which was an 8 week low – showing the US labour market is still robust. New Building Permits also exceeded expectations from the States. Today has however seen very minimal movement as markets draw breath ahead of the important announcements from the Federal Reserve Bank this evening.