The Philly Fed Index, which is an indicator of manufacturing in the Philly fed jurisdiction (includes Washington DC and Maryland), and is a proxy for overall manufacturing in the US, came in -30.7 for August, with expectation of 4.0, an improvement from 3.2 in July. Below expectation would be an understatement, and the market is probably going to have a hard time digesting this. The most logical reaction is of course risk aversion and fears of a double dip. This dynamic usually helps gold and Swiss Franc Gain. Gold indeed pushed into record territory, and the CHF is gaining, but tentatively. Let's take a look at Gold, USD/CHF, EUR/CHF, and GBP/CHF.