The KOF Swiss leading indicator fell to 2.1 in December from a revised 2.13 in November. The reading was in-line with economist’s expectations. This marks the third straight month of decline and indicates Switzerland’s recovery may be slowing down.

In a statement, KOF said the indicator remains at a “high level” and “the current rate of growth of the Swiss economy is likely to continue at a slower pace in the coming months.”

The Swiss franc is up against most G10 currencies, following the report and has moved up more than 25 pips against JPY. The pair is trading around the 86.40 level. The franc remains near record highs against the euro at 1.2463.