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The euro and Swiss franc went off in different ways last week as dovish ECB minutes weighed on the former. What’s coming up this time?

Medium-tier euro zone data

The coast is clear when it comes to top-tier economic reports from the euro zone this week, although traders might pay extra close attention even to low-tier data to scan for confirmation for further ECB easing.

On Tuesday’s London session, the ZEW economic sentiment report will be release and number crunchers are expecting to see a decline from -21.1 to -22.1 for Germany and an improvement from -20.2 to -20.9 for the entire region.

The euro zone trade balance is also due on the same day while the final CPI readings are up for release on Wednesday.

Possible trade tensions?

Last week, France approved a digital services tax on U.S. tech giants like Google and Amazon, despite warnings from the Trump administration.

The U.S. government has since ordered an inquiry into the move, keeping market watchers on edge for potential retaliatory tariffs on the country and possibly the region. In particular, trade representative Robert Lighthizer said an investigation would “determine whether it is discriminatory or unreasonable and burdens or restricts United States commerce.”

Worsening trade tensions could further weigh on the bleak growth outlook for the euro zone, possibly adding fuel to ECB easing speculations.

Missed last week’s price action? Read the EUR & CHF price review for July 8-12!