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A positive week for both the euro and the Swiss franc on a combination of net positive economic updates for the euro area and on a rise in global risk aversion sentiment to help the low-yielders out perform the risk assets on net overall.

The Euro

Overlay of EUR Pairs: 1-Hour Forex Chart
Overlay of EUR Pairs: 1-Hour Forex Chart

Headlines and Economic data






The Swiss Franc

Overlay of CHF Pairs: 1-Hour Forex Chart
Overlay of CHF Pairs: 1-Hour Forex Chart

Switzerland Headlines and Economic data

The latest update on Swiss foreign currency reserves (CHF 772B vs. CHF 756B previous) and the unemployment rate (2.4% vs. 2.5% previous) were the only potential catalysts from Switzerland, and arguably, they had little effect on franc pairs as expected. As usual, it was once again all about the euro and risk sentiment as the usual driver for Swiss franc price action, and given the combination of global fears rising due to the Trump tariff threats and the failure of the U.S.-China to come to a trade deal this week, we saw the lower-yielding currencies out perform this week. The Swiss franc was a big net winner on safe haven flows, only falling to the Japanese yen, which arguably tends to outperform when negative global risk sentiment tends to be the main driver in financial markets.