Economic sentiment in Switzerland deteriorated to the lowest level since January 2013 in July, industry data showed on Wednesday.

In a report, the Centre for European Economic Research (ZEW) said its indicator of economic sentiment declined by 4.7 points to a reading of 0.1 this month from a reading of 4.8 in June.

Analysts had expected the index to increase by 0.2 points to 5.0 in July.

A reading above 0.0 on the indicator indicates optimism, while a score below 0.0 indicates pessimism.

The indicator reflects the expectations of the surveyed financial market experts regarding the economic development in Switzerland on a six-month time horizon.

Following the release of the data, the Swiss franc was lower against the U.S. dollar, with USD/CHF rising 0.22% to trade at 0.8976.

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