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The Euro
European Headlines and Economic data
Monday:
- German trade slowed in February
- Sentix investor confidence -0.3 vs. -2.2 previous
- EU will stand ‘fully behind Ireland’, says Barnier
Wednesday:
- Italy’s Industrial Output Unexpectedly Rises for Second Month
- European Central Bank holds interest rates amid gloomy economic outlook
- Draghi Signals Bank-Loan Tool Is ECB’s First Defense to Slowdown
- Eurozone inflation seen weaker-than-forecast: ECB
- EU Extends U.K.’s Brexit Deadline Until Oct. 31 – Along with the possibility of short covering after the dovish ECB monetary policy event, the Brexit extension could be the reason why we saw a broad rally in euro pairs into Friday.
Thursday:
- ECB’s Knot says new lending programme must be less generous
- ECB to keep policy as easy as needed: Villeroy
- ECB not short of ammunition, euro zone not like Japan: Villeroy
- Italy, Amazingly, Has Good News for Europe
Friday:
- China’s March trade surplus soars past expectations and China’s new yuan loans expand in March – This data sparked global risk-on sentiment, and a strong reaction in financial markets. This is most likely the reason why we saw euro pairs back to mixed performance on Friday, falling against the high-yielders (NZD, CAD & AUD) and strengthening against the safe havens (USD, JPY, & CHF) into the weekend.
The Swiss Franc
Swiss Headlines and Economic data
With a calendar void of direct market catalysts from Switzerland, the Swiss franc once again tracks the euro closely as seen in the charts below. The Swiss franc did generally under perform this week as risk sentiment shifted more positive, arguably on the Brexit extension story, the better-than-expected economic data from the U.S. and China indicating global growth may stabilize soon.
