European Headlines and Economic data
- In April 2019, the DG ECFIN flash estimate of the consumer confidence indicator dropped in both the euro area (0.7 points down) and the EU (0.6 points down)
- ECB’s Coeure sees no argument for tiered deposit rate: FAZ
- Brexit delay has not helped German business climate: Ifo economist – The weak economic sentiment update from Germany is likely the catalyst for the bearish turn in sentiment on the euro for the second half of the week.
The Swiss Franc
Swiss Headlines and Economic data
No major news or economic updates from Switzerland this week, with exception to a speech by Swiss Nation Bank chief Thomas Jordan, but this was a volatility dud for Swiss franc pairs. As usual, counter currency influences were the main drivers for Swiss franc price action, especially the euro as seen below. It’s also likely that there is some continue underlying pressure that was sparked last week by commentary last week from the SNB that Swiss rates can be lowered further, which is likely the reason why we saw the franc mostly under perform against the other safe haven currencies (USD and JPY).