European Markets Wrap-Up: SNB's Schlegel: We have unrestricted room to manoeuvre on policy rate, FX interventions

Friday, 24 Apr, 2026 Central Banks SNB's Schlegel: We have unrestricted room to manoeuvre on policy rate, FX interventions SNB is closely monitoring fallout from the Iran war and can steer the franc’s exchange rate without limits if necessary In uncertain times such as these, we are particularly vigilant We have unrestric News Germany April Ifo business climate index 84.4 vs 85.5 expected Prior 86.4; revised to 86.3 Current conditions 85.4 vs 86.2 expected Prior 86.7 Outlook 83.3 vs 85.0 expected Prior 86.0; revised to 85.9 That is the lowest such reading since October 2022 as German b Learn more Forex USD/JPY crawls toward the 160.00 handle as US-Iran stalemate keeps the US dollar supported FUNDAMENTAL OVERVIEW USD: The US dollar has been gradually strengthening since Tuesday as the US-Iran stalemate led to some profit-taking on bearish dollar bets. There’s still no clear sign of a secon News France April consumer confidence 84 vs 88 expected Prior 89 French household sentiment worsened significantly in April with this being the lowest reading since May 2023. Of note, households' opinion regarding their personal financial situation, both p News What are the main events for today? EUROPEAN SESSION In the European session, we have the German IFO survey. The IFO is correlated to the German Composite PMI given that they measure basically the same thing. The Business Climate index News UK March retail sales +0.7% vs +0.1% m/m expected Prior -0.4%; revised to -0.6% Retail sales +1.7% vs +1.3% y/y expected Prior +2.5%; revised to +1.8% Retail sales (ex autos, fuel) +0.2% vs 0.0% m/m expected Prior -0.4%; revised to -0.6% Retail sales Forex Orders FX option expiries for 24 April 10am New York cut There are just a few to take note of on the day, as highlighted in bold below. The first being for EUR/USD at the 1.1650 level. The expiries don't tie to any technical significance and may not feature Commodities Oil prices hold firmer in final stretch of the week as US-Iran stalemate continues For all the noise we're seeing in the past few days, the fact remains that the US and Iran are unable to arrange a second meeting in Pakistan. Iran continues to maintain a hard line in saying that the Learn more Forex BOJ may lean more hawkishly next week to ease pressure on the yen - Nomura Before the Middle East conflict, this April meeting was meant to be one where the BOJ delivers on another rate hike after the outcome of the spring wage negotiations. Instead, the war has complicated

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