FX.co ★ Swiss KOF Leading Indicator Eases in January, Signalling Softer Growth Ahead

Switzerland’s KOF Leading Indicator slipped in January 2026, pointing to a possible moderation in economic momentum at the start of the year. The composite index declined to 102.5 in January from 103.6 in December 2025, according to data updated on 30 January 2026.

While the indicator remains above the neutral 100 mark—typically consistent with continued growth—the pullback suggests that the pace of expansion could be easing. The January reading breaks the previous month’s higher level, indicating that headwinds may be emerging for the Swiss economy after a relatively stronger end to 2025. Investors and policymakers are likely to watch upcoming releases closely to assess whether this marks the beginning of a broader cooling trend or a temporary pause in momentum.