Asian session review: Franc plunges as SNB pegs the rate

Data released:
01:30    Australia Investment Lending for Homes (Jul)     1.9%        -4.4%    1    
01:30    Australia Home Loans (Jul)     1.0%    1.6%    0.6%Revised from 0.0%    2    
01:30    Australia Current Account Balance (Q2)     -7.42B    -7.10B    -11.12BRevised from 11.12B    2    
04:30    Australia RBA Monetary Policy Statement                2    
04:30    Australia RBA Interest Rate Decision (Sep 6)     4.75%    4.75%    4.75%

The Swiss franc extended declines versus the dollar and euro after the Swiss National Bank set a minimum exchange rate of 1.20 francs per euro.
According to the SNB's statement the current massive overvaluation of the Swiss franc poses an acute threat to the Swiss economy and carries the risk of a deflationary development. The Swiss National Bank (SNB) is therefore aiming for a substantial weakening of the Swiss franc and set the minimum exchange rate at Chf1.2000/euro.
But even at a rate of CHF 1.20 per euro, the Swiss franc is still high and should continue to weaken over time. If the economic outlook and deflationary risks so require, the SNB will take further
measures.

EUR/USD rocketed from the lows around Chf1.4035 to the highs on $1.4280 before it retreated to current $1.4181.
GBP/USD initially fell to $1.6060 before rallied to $1.6204. Now rate holds around $1.6119.
USD/JPY rose from Y76.70 to Y77.60.

Germany's manufacturing orders will be released at 10:00 GMT.Among the US data investors will digest US  Non-mfg ISM at 14:00 GMT.