What are the main events for today?

Key Indicators in the European Session

In the European session, the Swiss CPI Y/Y is expected to rise to 0.1% from 0.0%, but this data is not anticipated to have a significant market impact. The Swiss National Bank (SNB) has been resisting negative interest rates despite recent inflation misalignments and maintains a positive outlook. Thus, these indicators are unlikely to alter SNB policy significantly. The Eurozone unemployment rate is expected to remain unchanged at 6.4%, though it has seen a slight increase in 2025. If this trend continues, the market may start pricing in possible rate cuts in the second half of 2026.

Focus on the American Session

In the American session, jobless claims data will be a highlight. Initial Claims are expected at 210K, and Continuing Claims at 1900K. These figures provide insight into the “low firing, low hiring” employment landscape, with initial claims remaining stable since 2022 while continuing claims have been rising amid economic uncertainty. A recent drop in continuing claims may be attributed to holiday effects. The upcoming NFP report is expected to give a clearer picture of the labor market conditions.