EUR/USD, USD/CHF: Light EU Data as US Midterms, Iran and Tech Rout Lead
The source reports no price moves, pip figures or technical levels. The European session agenda is light, with only low-tier releases: Swiss consumer confidence and Eurozone retail sales. Neither release is expected to change the outlook for the Swiss National Bank or the European Central Bank, so the market reaction is expected to be muted. Market focus remains on the fallout from the US midterm elections and the US-Iran situation. A rout in tech stocks has weighed on growth expectations, putting pressure on US Treasury yields and on rate hike expectations. For traders, lower yields and softer rate hike expectations are a headwind for the US dollar. With the European calendar thin, direction in EUR/USD and USD/CHF is more likely to come from US political developments, geopolitical headlines and risk sentiment in equities than from the scheduled data.
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