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The Euro
European Headlines and Economic data
Monday:
- China to impose tariffs on U.S. goods despite Trump warning – rising tensions between the U.S. and China is likely the catalyst for the early week risk aversion sentiment. This is likely the reason why euro pairs opened up mixed with the euro out performing against the comdolls and Sterling, while under performing the safe havens.
Tuesday:
- Escalating U.S.-China trade dispute hits German investor morale
- The ZEW Indicator of Economic Sentiment Stands at minus 2.1 points
- Industrial production down by 0.3% in euro area
Wednesday:
- GDP up by 0.4% and employment up by 0.3% in the euro area
- ECB’s Coeure Says Negative Rates Are Peanuts Among Bank Woes
- Italy Rocks European Bond Markets Over Its Deficit Once Again – this was the catalyst for broad pressure on euro pairs as Deputy Prime Minister Matteo Salvini said he would be prepared to see the country’s deficit rise above EU limits if it were to boost employment.
Thursday:
- EU goods surplus with U.S. eases, deficit with China widens – this headline correlates with somewhat of a broad weakening in euro pairs on the session; the exception was against the Kiwi and the Aussie.
- Weidmann Warns Flaring Trade War Is a ‘Poison’ for Global Growth
Friday:
- Annual inflation up to 1.7% in the euro area
- Production in construction down by 0.3% in euro area
- US reaches deal to lift steel and aluminum tariffs on Canada and Mexico – this story was the catalyst for the euro’s sharp decline against the Loonie during the U.S. trading session.
The Swiss Franc
Swiss Franc Headlines and Economic data
Monday:
- China to impose tariffs on U.S. goods despite Trump warning – rising tensions between the U.S. and China is likely the catalyst for the early week risk aversion sentiment. This is likely the reason why the Swiss franc dominated against the majors in the Monday trading session.
Tuesday:
Wednesday:
- Italy Rocks European Bond Markets Over Its Deficit Once Again – this was the catalyst for broad pressure on euro and franc pairs as Deputy Prime Minister Matteo Salvini said he would be prepared to see the country’s deficit rise above EU limits if it were to boost employment.
For the remainder of the week, franc pairs were driven by the rising risk-off sentiment and counter currency flows (bad week for the British pound and Australian dollar), with the former likely the reason why we saw the franc top all of the major currencies going into the weekend.