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Swiss retail sales surge in June

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Forexpros - Retail sales in Switzerland rose significantly more-than-expected in June, official data showed on Tuesday.

In a report, Switzerland's Federal Statistical Office said that retail sales rose at an annualized rate of 7.4% in June, blowing past expectations for a 1.6% gain.

May's figure was revised to a decline of 3.9% from a previously reported 4.1% drop.

The previous month's figure was revised up to a gain of 7.8% from 7.5%.

Month-over-month, Swiss retail sales jumped by 7.1% in June, after falling by a revised 3.5% in May.

Following the release of the data, the Swiss franc was up against the U.S. dollar, with USD/CHF slumping 0.74% to trade at 0.7778, hovering close to the record low.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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