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Fed's Fisher dissatisfied with the progress of global economic recovery

Fed's Vice Chairman Stanley Fischer said on Monday in a speech at an economic conference in Sweden that global recovery was lagging and that potential global growth might have sustained lasting damage.

In the US, such problems as a slowdown in productivity, weak foreign demand and the tepid housing market could suggest that the country's long-run year-on-year growth projection could now be seen only at around 2%.

Fisher also commented on the effects of the Fed's QE program which he considers successful but making it harder for the central bank to manage short-term interest rates.

The Fed policymaker also pointed to the economic slowdown in emerging markets which in his opinion should be tackled with tighter financial regulation. He also called for a better coordination of global bank regulation.

Norway Consumer Price Index (YoY): 2.2% (July) vs 1.9%

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EUR/CHF at daily lows after Swiss data

The EUR/CHF came under soft pressure and hit fresh daily lows at the beginning of the European session following much better than expected Swiss retail sales data.
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