Swiss Franc Edges Up Against USD on Mixed Employment Data

The Swiss Franc (CHF) saw an uptick against the US Dollar (USD) on Monday following the release of employment and foreign currency reserve data for August.

Data from the State Secretariat for Economic Affairs showed that the Unemployment Rate remained unchanged at 3.1% for the fifth consecutive month, failing to provide a boost to the CHF.

The Swiss National Bank reported an increase in Foreign Currency Reserves to CHF 770 billion in August, up from CHF 768 billion in July.

In contrast, strong US employment data on Friday sparked hopes of a Fed rate hike. Commerzbank economists noted that the number of jobs added in August surprised with a gain of 162,000, exceeding consensus estimates.