Partner Center Find a Broker

The euro ends the week as a net loser as weak economic updates and a dovish ECB meeting minutes shifts sentiment to the negative, while the Swiss franc benefited greatly from U.S. dollar weakness.

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

Tuesday:

  • Swiss unemployment rate falls to 2.1% from 2.2% in May – this event correlates with the start of a bullish move in the Swiss franc against the majors all the way into the Thursday trading session, but it’s also likely the franc benefited from bearish moves in both the euro and the U.S. dollar during this time period.

Thursday:

  • A brief pullback in franc pairs during the U.S. session is arguably a reaction to U.S. dollar strength, a move sparked by the better-than-expected U.S. CPI data released earlier in the session, and possibly a sympathy move lower with the euro as there were calls for more stimulus from the ECB from the IMF and the ECB monetary policy meeting minutes.

Friday:

  • It looks like Swiss franc pairs saw one last broad bullish push higher during the U.S. session.  This is likely on U.S. dollar weakness growing into the weekend after more Fed rate cut rhetoric from Fed members.