EUROPEAN FX HEADLINES: WEEK OF JUNE 16
EURO-ZONE ECONOMIC CALENDAR
There are no key events on the calendar for the Euro on Wednesday, June 19.
UK ECONOMIC CALENDAR
The Bank of England held its key rate at 0.50% and its Asset Purchase Target at £375B at its June 6 meeting, and the British Pound only saw a modest bump once the decision was released. If there’s been one thing that’s true about the BoE in recent months, it’s that it remains very patient as it watches the economy’s growth and inflation environments develop. With data on a bit of an upswing leading up to the meeting, a greater willingness to keep policy on hold is likely to be reflected in the Minutes, which should be supportive of a stronger British Pound on balance.
SWISS ECONOMIC CALENDAR
There’s a chance for some Swiss-borne volatility this morning with the ZEW Survey (JUN) due. The ZEW Survey, while lacking a forecast, appears to be losing momentum, with the May print of 2.2 representing a significant decline from the April reading of 20.0. A return back to negative territory could help ignite speculation that might weaken the Swiss Franc ahead of the Swiss National Bank’s quarterly monetary policy meeting on Thursday. A signficant deviation away from the prior – on either side – will inevitably feed into speculation of the question. “Will the SNB raise the EURCHF floor from Sf1.2000?”
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--- Written by Christopher Vecchio, Currency Analyst
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