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Global risk sentiment was the name of the game for the euro and franc this week, prompting an early rise against the risk currencies on crashing oil prices, then reversing later as oil rebounded.

Updates on European business and consumer sentiment were historically bad as well, likely contributing to what was a net negative week for both currencies.

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:

Spain seeks 1.5 trillion euro recovery fund using EU perpetual debt

Euro zone trade surplus grows, with decline in China imports

German Producer prices in March 2020: -0.8% on March 2019

Euro area international trade in goods surplus €23.0 bn; €22.4 bn surplus for EU

Global risk aversion sentiment dominates the markets, sparked by the historic crash in oil, to give the euro a net positive start to the week as rallied hard against the comdolls and Sterling.

Tuesday:

German investors see light at end of ‘very long tunnel’ – ZEW

Wednesday:

ECB’s Rehn calls for solidarity between European countries

Euro zone consumer confidence falls to -22.7 in April

Taoiseach Leo Varadkar confirms he will release step-by-step plan for reopening Ireland

Thursday:

EU eyes $2.2 trillion plan as ECB accepts some junk-rated bonds

Germany’s consumer sentiment hits all-time low

IHS Markit Flash Eurozone PMI: Unprecedented collapse of Eurozone economy amid virus lockdown

COVID-19 lockdown leads to record contraction in German economy

IHS Markit Flash France PMI: Activity decline deepens amid ongoing coronavirus shutdowns

Friday:

Germany’s Ifo index plunge to historic low

Britain running down the clock in Brexit talks, says Michel Barnier

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:

SNB scaled back FX intervention as coronavirus fears ebbed, data suggest

Tuesday:

Switzerland’s trade balance closed in the first three months of 2020 with a surplus of CHF 8.3 billion.

Wednesday:

Coronavirus crisis could push Swiss budget deficit to 6% of GDP

Thursday:

Along with the disappointing round of PMI data, risk sentiment likely played a role in the negative turn for both the euro and franc during the Thursday trading session, sparked by oil’s bounced higher from record low levels and more stimulus coming in the U.S. (Fed Focuses on Lending ProgramsU.S. House to pass nearly $500 billion more in coronavirus relief)