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.
Wednesday, May 22, 2013 As of 12:42 PM EDT
U.S. EDITION
![Singapore Supervisor Slaps Intern To 'Nurture' Him In Viral Clip [VIDEO]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_thumbnail/public/2013/05/21/singapore-supervisor.png "Singapore Supervisor Slaps Intern To 'Nurture' Him In Viral Clip [VIDEO]")
![Fort Worth Texas Tornadoes Claim 6 Lives: Pictures And Videos During The Storm And Its Aftermath [PHOTOS/VIDEO]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_medium/public/2013/05/16/tornado.PNG "Fort Worth Texas Tornadoes Claim 6 Lives: Pictures And Videos During The Storm And Its Aftermath [PHOTOS/VIDEO]")
![Introducing Skywhale: Canberra, Australia’s Controversial $300K Centenary Balloon [PHOTOS]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_medium/public/2013/05/14/skywhale.jpeg "Introducing Skywhale: Canberra, Australia’s Controversial $300K Centenary Balloon [PHOTOS]")
![Meet Ahmed Angel: The Greatest Internet Superstar. Ever. [PHOTOS]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_medium/public/2013/05/14/ahmed-angel.jpg "Meet Ahmed Angel: The Greatest Internet Superstar. Ever. [PHOTOS]")
![Airbus Shows Off The First A350 XWB, The Boeing 787's Rival [PHOTOS]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_multimedia/public/2013/05/13/a350.jpg "Airbus Shows Off The First A350 XWB, The Boeing 787's Rival [PHOTOS]")
![Lisalla Montenegro: Meet Angels Pitcher C.J. Wilson’s New Supermodel Fiancé [PHOTOS]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_medium/public/2013/05/10/lisalla-montenegro_3.jpg "Lisalla Montenegro: Meet Angels Pitcher C.J. Wilson’s New Supermodel Fiancé [PHOTOS]")
![Surviving Sandy: The Rockaways Rise From The Ashes Six Months Later [PHOTOS]](http://s1.ibtimes.com/sites/www.ibtimes.com/files/styles/v2_medium/public/2013/05/09/breezy-point_4.JPG "Surviving Sandy: The Rockaways Rise From The Ashes Six Months Later [PHOTOS]")
Like or Follow us for updates on the biggest stories!