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Price action was mixed this week, but the latest rhetoric from the ECB & SNB were the likely main drivers for both the euro & the franc to end the week as net losers.
The Euro


European Headlines and Economic data
Monday:
Tuesday:
- The euro rallies a bit against the risk-on currencies during the early Asia session, likely on news of the Chinese Coronavirus spreading.
- German ZEW Economic Sentiment index rises significantly in January to 26.7
- Euro zone companies cut loan applications for first time in six years: ECB
Wednesday:
Thursday:
- ECB holds rates as strategic review gets underway – Euro bulls took a hit after the latest monetary policy statement as expectations of hawkish commentary were negated with the continued rhetoric of an accommodative policy stance, and that risks were still tilted to the downside.
- EU can do a trade deal if UK keeps level playing field, Gentiloni says
Friday:
- Flash Eurozone Services PMI Activity Index at 52.2 (52.8 in December). 2-month low.
- Flash Eurozone Manufacturing PMI at 47.8 (46.3 in December). 9-month high.
- Flash Germany Services PMI Activity Index at 54.2 (Dec: 52.9). 5-month high.
- Flash Germany Manufacturing PMI(3) at 45.2 (Dec: 43.7). 11-month high.
- ECB’s Knot, Rehn speak in favor of simple 2% inflation target
- Euro zone economy remains weak but green shoots emerging: PMIs
- French business growth slows in January in wake of strikes: PMIs
The Swiss Franc


Swiss Headlines and Economic data
Tuesday:
- A small move higher in the franc against the risk-on currencies during the early Asia session, likely on news of the Chinese Coronavirus spreading.
Wednesday:
- Swiss franc falls as central bank intervention talk outweighs virus worries during the Asia session, but commentary from the Swiss central bank to end negative rates ‘as soon as we are able’ was the likely the catalyst to push the franc higher during the U.S. session.
Thursday:
- Swiss National Bank’s Jordan says not manipulating franc
- Swiss National Bank says negative interest rates a necessity
Friday:
- Somewhat of a move higher during the U.S. session (with exception to the yen) after the CDC confirms second US case of coronavirus sparks further global risk-off sentiment.