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The latest European PMI updates saved the euro from having a terrible week after Draghi’s comments, while the Swiss franc benefits big time from counter currency weakness & geopolitical tensions.

The Euro

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

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

Tuesday:

  • Swiss franc pairs fell lower with the euro after ECB President Mario Draghi surprises markets with hints of easing monetary policy.

Wednesday:

  • SNB Quarterly Bulletin: No no insights as it reiterates the SNB’s policy to maintain an accommodative policy to support price stability and economic expansion, as well as an active role in the foreign currency markets when necessary.
  • Swiss franc pairs began their accent for the week on this session, likely due to a combination of a weakening U.S. dollar after the latest FOMC meeting (dovish rhetoric leads to speculation of rate cuts coming), the weaker euro, and geopolitical risks remaining elevated (U.S.-Iran tensions rising after oil tanker attacks last week and downing of U.S. drone this week).

Thursday: