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No love for the euro and franc this week after a dreadful round of European business sentiment and economic updates, as well as the persistent bad news coming from the coronavirus pandemic front.
The Euro
European Headlines and Economic data
Monday:
- Germany: Coronavirus spreading too fast for us to loosen restrictions
- German inflation slows below ECB target in March on cheaper oil
- EU clears French 1.2 billion euro scheme for small firms hit by pandemic
- German Consumer price index, March 2020: +1.4% on the same month a year earlier
- Spanish CPI m/m for March: -0.3%; 0.1% y/y
Tuesday:
- In March 2020, French consumer prices increased by 0.6% year on year
- In January 2020, French sales volume in overall trade recovered (+0.9% after −0.6% in December 2019
- Euro area annual inflation down to 0.7%
Wednesday:
- Germany Manufacturing PMI: Output falls at fastest rate for nearly 11 years amid escalation of COVID-19 crisis
- Eurozone manufacturing economy contracts sharply in March to 44.5
- Fastest deterioration in French business conditions since January 2013
- German Retail sales: +1.2% on the previous month (in real terms, calendar and seasonally adjusted, provisional)
Thursday:
- Spanish unemployment increases by 302K in March m/m
-
Industrial producer prices down by 0.6% in both
euro area and EU - Spain reports 620,000 temporary layoffs since coronavirus lockdown
Friday:
- Record drop in activity as German service sector succumbs to COVID-19 outbreak
- Eurozone economy suffers record fall in activity during March
- Record contraction in French service sector activity to to 27.4 in Mar vs. 52.5 in Feb.
- Volume of retail trade up by 0.9% in euro area; Up by 0.8% in EU
- Euro zone ministers focus on quick options to support economy
The Swiss Franc
Swiss Headlines and Economic data
Monday:
- Swiss National Bank’s liquidity injections trigger sight deposit leap
- Swiss economic indicator plunges to lowest level in 5 years
Tuesday:
Wednesday:
Thursday:
- Swiss Consumer prices increased by 0.1% in March
- Swiss still far from coronavirus peak as deaths, cases rise: officials
- Risk sentiment hasn’t been much of a factor for the euro and franc this week due to Euro area weakness, but today was an exception for the franc as global risk sentiment shifted positive after U.S. President Trump talks up truce hopes for Saudi-Russia price war and news of China buying crude at these low levels for their reserves. Traders pulled back on major fears that oil’s price collapse could spark further economic and financial crises. The Swiss franc moved lower on the session as risk assets were bid higher.
Friday:
- Swiss National Bank allots $1.27 bln in latest dollar auction
- There was some buying in the franc on Friday, possibly on doubts of the Saudi-Russia oil deal, the economic damage being done from the global social lockdown, and/or continued coronavirus fears as cases and deaths continue to rise at a frightening pace (Coronavirus cases top 1 million globally)