The risk appetite prevalent during today’s Asian and London sessions, melted away as the New York session arrived. Rising demand for the Swiss franc, Japanese yen, and US dollar was then amplified by a poor ISM manufacturing report for July. Rising government bond yields in Italy weighed on the EUR/USD currency pair, which fell more than 260 pips from its London session high. Meanwhile, the Swiss franc established new all-time highs against the euro, pound, and greenback.