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The euro and Swiss franc came out as a net winners this week, arguably benefiting from counter currency weakness as rising global aversion sentiment took down the higher-yielding / risk currencies.

Risk sentiment was driven mainly by the Coronavirus theme that’s been driving the markets for weeks now, a story that worsened this week (updates covered in the Swiss recap section below) as new cases pop up around the globe.

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 MarketMil
CHF Weekly Performance from MarketMil

Swiss Headlines and Economic data

Monday:

  • Coronavirus cases outside China surge, prompting traders to start traders the new week in fear mode and really staying that way through Friday.  The Swiss franc tends to benefit against the majors in this type of environment, falling only to the euro and Japanese yen (usually the biggest benefactor of risk aversion environments) at the end of the week.

Tuesday:

Wednesday:

Thursday:

Friday: