It’s just gonna be the usual slew of low-tier reports from the euro zone and Swiss economy this week, so their currencies might take cues from sentiment instead.
Medium-tier euro zone data
- Final manufacturing PMI readings due Dec. 2, no major revisions expected
- Final services PMI readings due Dec. 4
- Euro zone retail sales and German factory orders data due Dec. 5
- German industrial production due Dec. 6, rebound of 0.2% expected after earlier 0.6% drop
Low-tier Swiss data
- Swiss retail sales y/y to come in at 0.8% in Oct. after earlier 0.9% reading
- Swiss CPI due Dec. 3, 0.1% decline expected after previous 0.2% dip
- SNB foreign currency reserves due Dec. 6, previous reading at 779B CHF
Overall market sentiment
- EUR and CHF typically take advantage of risk-off anti-dollar moves
- Trade tensions between the U.S. and China are still in play while negotiations are ongoing, updates on “phase one” of deal could drive risk appetite
- Opinion polls leading up to U.K. elections also affecting sentiment
- Euro pairs are looking mixed at the moment, with only EUR/AUD in strong bullish territory according to long-term moving averages.
- EUR/NZD is also looking bullish, but this trend is already weakening.
- Franc pairs, on the other hand, are mostly on bullish ground based on moving averages.
- Stochastic, however, is showing that most of these pairs are already overbought.
Missed last week’s price action? Check out the EUR & CHF Weekly Review for Nov. 25 – 29!