Source: PaxForex Premium Analytics Portal, Fundamental Insight

Source: PaxForex Premium Analytics Portal, Fundamental Insight

Source: PaxForex Premium Analytics Portal, Fundamental Insight The Swiss Unemployment Rate for June is predicted at 2.9%, and the Seasonally Adjusted Unemployment Rate at 2.9%. Forex traders can compare this to the Swiss Unemployment Rate for May, reported at 3.1%, and the Seasonally Adjusted Unemployment Rate, reported at 3.0%. 

Source: PaxForex Premium Analytics Portal, Fundamental Insight

Source: PaxForex Premium Analytics Portal, Fundamental Insight

Source: PaxForex Premium Analytics Portal, Fundamental Insight

Source: PaxForex Premium Analytics Portal, Fundamental Insight

Source: PaxForex Premium Analytics Portal, Fundamental Insight

Source: PaxForex Premium Analytics Portal, Fundamental Insight

Source: PaxForex Premium Analytics Portal, Fundamental Insight

Forex traders will start the new trading week with the final reading on August manufacturing PMI reports from Spain through Germany and the Eurozone as a whole. Economists anticipate no change from the previous data. The US and China have implemented their latest round of tariffs on each other yesterday, which will further disrupt the global supply chain. China seeks to diversify away from the US, will Europe be able to pick up the demand which will boost manufacturing across the continent?

As financial markets have calmed down over the past few sessions amid hopes for more central bank stimulus across the globe, the Euro has started to stabilize at strong support levels. Economic data this morning will feature German PPI which is anticipated to show the absence of inflationary pressures as well Eurozone Construction Output which is likely to show further economic stress. The ECB is planning what type of stimulus to apply to the economy and when, but forex traders have already priced in a dovish ECB.

Forex traders will get a light economic calendar today as the US is closed for trading due to the July 4th Independence Day holiday. Given the overall global economic slowdown, most analysts now predict that the US central bank will cut interest rates as soon as this month. As Trump continues to rage with his trade and tariff wars, the EU and Vietnam are next on his list as both signed a new trade deal this Sunday which was the first one the EU entered into with an emerging economy. Eurozone retail sales will be in focus today and could dictate price action for the entire trading session.

A light economic calendar to start the last trading week of June will have forex traders focused on the rise in tension between the US and Iran, with the US announcing more sanctions. This has pressured oil prices higher at a time the global economy is slowing down which will further pressure consumers. The Euro started to retrace its losses against the Swiss Franc caused by dovish commentary out of the ECB after economic data showed signs of stabilizing. Today’s German IFO data will drive price action throughout the trading session, but expectations call for a further deterioration.

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here is the key factor to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here is the key factor to keep in mind today for Euro trades:

Here is the key factor to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

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Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

Here are the key factors to keep in mind today for Euro trades:

The Swiss National Bank shocked global financial markets today as it abandoned is minimum exchange rate against the Euro which it introduced in September of 2011. This limit put a floor under the EURCHF at 1.2000 and the SNB has defended this level ever since then. This move was completely unexpected and no economists had forecasted the SNB to take this drastic measure.