Employment Level (CHF) comes in at 5.698M against 5.54M consensus

The Swiss Employment Level for August 2026 was reported at 5.698 million, exceeding the consensus estimate of 5.54 million. This figure represents a 2.9% surprise compared to expectations. The previous month’s reading was 5.537 million.

Following the release, the Swiss franc showed a mixed reaction against major currencies over the first 15 minutes. AUDCHF declined by 2.4 pips, CADCHF fell by 1.5 pips, EURCHF was down 1.5 pips, GBPCHF decreased by 2.0 pips, NZDCHF dropped by 0.9 pips, and USDCHF saw a minor decline of 0.2 pips. CHFJPY, however, gained 1.4 pips. These initial moves are relatively small when compared to the typical median 1-hour moves observed after past Employment Level releases. For instance, AUDCHF typically sees a median 1-hour move of 4 pips, CADCHF 4 pips, EURCHF 5 pips, GBPCHF 8 pips, NZDCHF 4 pips, and USDCHF 5 pips. CHFJPY typically experiences a median 1-hour move of 9 pips.