We saw mostly choppy price action, but it was an overall positive week for both the euro and the Swiss franc, likely supported by a round of net positive economic and sentiment updates from Europe.
European Headlines and Economic data
The Swiss Franc
Swiss Headlines and Economic data
Broad weakness for both the euro and franc during the U.S. session, likely on positive risk sentiment flows (broad U.S. equity strength (once again lead by the tech sector) and/or positive coronavirus news (Eli Lilly starts late-stage study of coronavirus drug in nursing homes).
The franc and the euro were net winners on the session. On top of the positive Services PMI updates from Europe, we saw some global risk-off vibes during the U.S. session, sparked by the much weaker-than-expected U.S. jobs read from ADP.
Weakness for the EUR and CHF during the U.S. trading session may be due to risk-on sentiment after the better-than-expected U.S. unemployment claims, or hopes of a new U.S. stimulus deal before the end of the week.
The Swiss franc was broadly higher during the U.S. session, possibly on positive German data, but more likely due to broad negative risk sentiment. This may have been driven by rising geopolitical tensions between the U.S. and China, and/or the eventual failure of the U.S. government to come up with a stimulus package before the end of the week.