Published: 2026-08-03T15:01:01.000Z
EUR/USD, USD/CHF flows: will data reactions migrate more to CHF
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Another robust ISM report
CHF may increasingly become the mkt's preferred way of expressing such data
ISM data taking a bit of a back seat given all the large events of recent days, but the report itself is another robust one, as discussed in the post data analysis (see 'U.S. July ISM Manufacturing - Strong but with supply problems').
Positive employment number, firm orders, and still background supply pressures all at play. One question going forward will be how the market will prefer to express such data going forward. There's a valid case for saying not only USD/JPY but also EUR/USD will play second fiddle to USD/CHF as perhaps the increasingly favoured vehicle (see also 'CHF/JPY and the carry question'). CHF modestly underperforming again today.