The euro and franc saw nothing but red as another fresh round of horrific business sentiment & economic updates from Europe had traders running.
It’s also likely that the slow re-opening of the global economy had traders looking away from low-yielder / safe-haven currencies to add to the pressure on both currencies.
European Headlines and Economic data
Global risk sentiment was tipping negative to the start of the week as global factory data disappointed around the world, so it’s likely euro traders were mainly focused on the selloff historically bad business sentiment data seen above to push the low-yielding currency lower.
German court hands ECB three-month ultimatum to justify stimulus scheme – this was the other driver of the week for the euro, putting at risk the quantitative easing program that is supposed to support the European economy in this time of crisis.
The Swiss Franc
Swiss Headlines and Economic data
It looks like the franc’s price action mainly tracked the euro this week, with likely a bit of influence from somewhat positive global risk sentiment driving down demand for safe havens.
It was a battle between hopes of economic recovery as lockdown restrictions eased around the world versus horrific global economic data, and it looks like the former is winning out for now.