The Swiss franc joined the US dollar and the Japanese yen as being one of the strongest major currencies on Tuesday, but the moves had more to do with lingering risk aversion that economic data. This morning, the UBS Swiss consumption indicator slipped to 0.766 in July from a revised reading of 0.951. At the same time, payrolls slumped 0.4 percent in Q2 to an annual rate of 3.945M, indicating that mounting job losses are leading consumer to scale back spending, all of which puts the chances of a Swiss economic recovery in danger. Furthermore, the data suggests that the Swiss National Bank will keep rates at ultra-low levels and may continue to utilize policy tools beyond the interest rate in order to steer the ailing economy out of the recession and to prevent deflation, which could ultimately include intervention in EURCHF.