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Both currencies outperformed early this week on net negative global risk sentiment, but biases diverged on the euro and Swiss franc after a few geopolitical shocks by the end of the week.

The Euro

Overlay of EUR Pairs: 1-Hour Forex Chart
Overlay of EUR Pairs: 1-Hour Forex Chart
EUR Weekly Performance from MarketMilk
EUR Weekly Performance from MarketMilk

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
CHF Weekly Performance from MarketMilk
CHF Weekly Performance from MarketMilk

Swiss Headlines and Economic data

Monday:

Tuesday:

  • Much like the euro above, without any major catalysts from Switzerland or the Euro area, a contributor to the franc’s early week strength may have come from global risk sentiment influences, which was leaning negative after headlines from China mentioned above in the euro recap.

Wednesday:

  • Global risk sentiment starts to improve for the week on speculation that the U.S. and China are planning to delay the December tariffs, correlating with a broad move lower in the Swiss franc, but like the euro above, we saw a bit of pop higher after the USD bearish FOMC monetary policy statement.

Thursday:

  • A little bit of pullback in global risk optimism as details of the newly formed U.S.-China trade agreement were a little bit disappointing (only 50% of the $112B in tariffs would be rolled back and China agreed to buy $32B in additional agricultural goods over the next two years, conflicting with Trump’s claims of $50B in agricultural purchases. This correlates somewhat with a broad move higher in the franc against the majors during the European and U.S. trading sessions.