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Mixed week for the euro as it was driven by counter currency influences, while the Swiss franc takes the lead thanks to risk aversion sentiment and more intervention commentary from the SNB.

The Euro

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

European Headlines and Economic data

Monday:

Tuesday:

Wednesday:

Thursday:

Friday:

The Swiss Franc

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

Swiss Headlines and Economic data

No major drivers for the Swiss franc coming from Switzerland, with exception to another round of “currency intervention” talk from SNB officials. This time it was Thomas Moser who reiterated the intervention sentiment at a conference in Copenhagen on Monday. This event correlates with early franc strength in the week, which eventually carried on throughout the whole week due to a rise in global risk aversion sentiment.

With geopolitical fears growing on many fronts (including the U.S.-China trade tensions, growing possibility of conflict between the U.S. and Iran, and the never ending Brexit drama that picked up in intensity with May’s resignation) it’s highly likely traders exited higher risk/yielding plays and moving into safe haven as evidenced by the franc’s broad gains to take one of the top spots among the major currencies this week.