Switzerland’s government said in a statement on Tuesday that it expects an economic slowdown but no recession this year.

This comes after the Swiss economy showed no growth in the fourth quarter of 2022, in the face of a "challenging international situation”.

On a quarterly basis, the country’s Gross Domestic Product (GDP) arrived at 0% in Q4 2022 vs. a growth of 0.3% and 0.2% recorded in the third quarter.

Meanwhile, the USD/CHF pair is consolidating gains below 0.9340, currently trading 0.19% higher on the day at 0.9371.