GBP/CHF settles above 2-week low, posts weekly loss

The GBP/CHF currency pair settled above recent low of 1.0808, its weakest level since August 7th, after data showed UK manufacturing sector had contracted more than expected in August.

The S&P Global UK Manufacturing PMI came in at a reading of 47.3 in August, down from 48.0 in July, against expectations of 48.3.

Businesses cited weak new orders and intense competition, as global demand was still subdued amid US tariff uncertainty.

On the other hand, UK services sector growth was the fastest in a year in August, surpassing market forecasts.

Meanwhile, Switzerland reported a trade surplus in the amount of CHF 4.3 billion in July, compared to a CHF 4.2 billion surplus in the prior month.

The nation’s total exports went down 2.7% month-over-month to CHF 22.2 billion, while total imports shrank 4.2% to CHF 17.9 billion.

The minor Forex pair lost 0.90% for the week.