The Swiss franc managed to recover against the US dollar as Wall Street trims gains. The USD/CHF pair reversed sharply to a 3-day high at 1.0237 and retreated as much as 100 pips. The pair, subsequently, tumbled to 1.0141; and at the time of writing is trading at 1.0158/62, a 30 pips rise over today’s opening price.
A larger than anticipated fall in the US ISM Non-Manufacturing data supported the Swiss franc, enabling it to trim previous losses. The ISM figures dropped from 54.3 in July to 51.5 in August. The market consensus was at a milder pullback at 53.5.