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- US focus: Franc gains; Euro drops
US focus: Franc gains; Euro drops
The franc rose as the Swiss National Bank refrained from announcing new steps to curb its gains, after intervening or referring to the currency’s strength on the first three Wednesdays of August.
The dollar erased earlier losses against the euro as better-than-forecast economic data damped bets the Federal Reserve may take further steps to stimulate growth.
The euro fell as US Commerce Department data showed orders placed with U.S. factories rose in July by the most in four months, increasing 2.4%.
The Institute for Supply Management-Chicago Inc.’s business barometer fell less than projected this month, declining to 56.5.
Data from ADP Employer Services earlier showed companies in the U.S. added 91,000 workers to payrolls in August, less than the 100,000 forecast. A government report on Sept. 2 is projected to show U.S. nonfarm payroll growth slowed to 70,000 this month from 117,000 in July.
The euro weakened today as data showed unemployment in the region held at 10% in July from the previous month.
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