The Swiss SVME and Credit Suisse released its manufacturing purchasing managers' index (PMI) for Switzerland on Monday. The index dropped to 48.2 in January from 53.6 in December, missing expectations for a rise to 54.5. That was the lowest level since October 2012.

A reading above 50 indicates expansion, below indicates contraction.

This figure added to concerns over the health of the Switzerland's economy after the Swiss National Bank (SNB) has discontinued the minimum exchange rate of 1.20 per euro on January 15, 2015.