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July 14th - Data released by the U.S. Bureau of Labor Statistics (BLS) showed that the Consumer Price Index (CPI) fell 0.4% month-over-month in June, while rising 3.5% year-over-year, both figures falling short of market expectations. The weak inflation data eased pressure on the Federal Reserve to raise interest rates this month. Corpays chief market strategist, Karl Schamotta, noted that as traders lowered their expectations for a July rate hike by the Fed, the dollar continued to weaken against major currencies, extending its overnight decline and falling across the board against commodity currencies and interest rate-sensitive currencies.Irans Persian Gulf Navigation Authority: Between the signing of the memorandum of understanding and the USs creation of tensions in the Strait of Hormuz, 200 non-Iranian vessels had transited the strait in a coordinated manner.July 14th - Analyst David Russell stated that the June CPI data was good news for both Warsh and the Federal Reserve. While the market widely expected energy prices to fall, there were also positive developments in car prices, housing costs, and clothing prices. However, if the situation in the Middle East deteriorates again, leading to a rise in oil prices, these trends may be difficult to sustain.Crude oil futures contracts all strengthened, with SC crude oil rising 4.20% to 518.2 yuan/barrel. Low-sulfur fuel oil (LU) rose 4.96% to 4529 yuan/ton. Fuel oil rose 4.78% to 3572 yuan/ton. Asphalt rose 2.31% to 4078 yuan/ton.According to the Financial Times, the European Commission will propose easing capital requirements for banks this week.

As risk aversion grows as measured by the DXY and as attention turns to the US NFP, USD/CHF goes closer to 0.9600

Alina Haynes

Aug 03, 2022 14:51

 截屏2022-08-03 上午9.47.05.png

 

In reaction to the dismal market environment, the US dollar index (DXY) has gained, and the USD/CHF pair is swiftly approaching the key level of 0.9600. After defending Monday's low around 0.9480, the pair had a greater reverse on Tuesday, as the risk-aversion theme strengthened the attraction of the DXY.

 

Following US House Speaker Nancy Pelosi's travel to Taiwan to support Taiwan's local government despite China's wishes, tensions between the US and China have increased. In reaction to the death threats made against Pelosi during her private travel to Taiwan, the US is anticipated to adopt sanctions against China, which encouraged the gloomy market sentiment.

 

In the meanwhile, the DXY has achieved a three-day high of 106.55, although the gain may wane ahead of Friday's US Nonfarm Payrolls (NFP) data. According to market expectations, the U.S. economy added 250,000 jobs to the labor force in July.

 

During a brief period, a number of significant IT companies in the United States abandoned the hiring process, resulting in payroll statistics that multiplied. If the same thing occurs, the Federal Reserve (Fed) will be compelled to speak less about policy rates.

 

On the Swiss franc front, investors anticipate the release of the Consumer Price Index (CPI) numbers. An early estimate of the annual inflation rate places it at 3.5%, little higher than the prior estimate of 3.4%. As a result, the Swiss National Bank (SNB) will be compelled to boost interest rates.


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