CHF Gains Against USD After Steady Unemployment Data

The Swiss Franc (CHF) gained against the US Dollar (USD) on Monday after data from the Swiss State Secretariat for Economic Affairs showed that the unemployment rate remained steady at 3.1% in August, marking the fifth consecutive month with no change.

However, this modest gain was short-lived as the USD/CHF pair retreated below 0.8100 and gave up previous gains, turning negative on the daily chart.

The Swiss National Bank (SNB) reported that Foreign Currency Reserves increased to CHF 770 billion in August from CHF 768 billion in July.

Commerzbank economists noted that the US labor market report delivered a notable upside surprise, with employment showing a 'surprisingly strong' 162,000 new jobs added in August, exceeding consensus estimates.