Credit Suisse released its manufacturing purchasing managers' index (PMI) for Switzerland on Monday. The manufacturing purchasing managers' index in Switzerland was down to 48.7 in July from 50.0 in June, missing expectations for an increase to 50.7.

The decline was driven by a drop in purchase prices and backlog of orders. Purchase prices decreased three points to 40.2 points in July, while the backlog of orders sub-index declined by 2.6 points to 48.5.

Production rose 0.7 points to 55.5 in July, while the employment sub-index remained unchanged 41.6.